Avalanche founder claims only one algorithmic stablecoin can succeed – defends Terra's UST

The founder of Ava Labs, Emin Gün Sirer, has offered his opinions on the crash of Terra's algorithmic stablecoin, UST.  According to Gün Sirer, there is a need for decentralized algorithmic stablecoins in the ecosystem due to the censorship vulnerability of fiat-backed stablecoins.

Timeline of Avalanche, Terra-luna, Terrausd

LUNA was down by over 50% in today's session as markets continued to react to UST losing its parity with USD. As such traders lost faith in the stablecoin founded by Do Kwon, which dropped to its lowest point since September. Whilst LUNA stole the headlines, XMR and AXS also saw recent losses extended. Terra

A popular crypto trader is cautioning digital asset investors about the fate of altcoins as the markets take a tumble to start the new week. The analyst known as Altcoin Sherpa follows up on a May 6th tweet where he warned that it could be “lights out” for many altcoins if certain price levels were The post Analyst Issues Solana and Avalanche Warnings, Says Traders Should Not Underestimate Altcoin Bear Market appeared first on The Daily Hodl.

The UST stablecoin's dramatic decline in value featured in U.S. Treasury Secretary Janet Yellen's testimony before the committee on banking, housing, and urban affairs, U.S. Senate, on Tuesday. Yellen stated that the stablecoin's turbulence clearly illustrates risks associated with crypto assets to financial stability, adding that the treasury department would soon issue a comprehensive report The post $UST Decline: Here's U.S. Government's Quick Response appeared first on CoinGape.

AVAX price is enjoying a relief rally following a massive sell-off. The recent price action advocates for an extension of the upside momentum owing to the overall market mood and the way technicals are aligned.

Binance has temporarily suspended withdrawals of the two major Terra blockchain tokens including LUNA, the native token of Terra, and Terra USD (UST), Terra's flagship algorithmic stablecoin.  The post Binance Suspends Withdrawals of LUNA and UST appeared first on BeInCrypto.

With the introduction of the cryptocurrency market over the last decade, several formerly complex transactions and procedures have become easy and accessible to anybody. This is owing to the unique characteristics of different cryptocurrencies.

  Terra (LUNA) is now in the headlines of the crypto industry. As marketers find it difficult to digest the ongoing pegging-de-pegging catastrophe. Which has led to TerraUSD (UST) price falling below the $1 mark. Wherefore, the brunt is also faced by LUNA, which has fallen to its multi-month low. In light of this Binance has …

“A stablecoin known as TerraUSD experienced a run and declined in value. I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks,” said Secretary Yellen. The post US Treasury Secretary Yellen points to UST slip, asks for new stablecoin legislation by the end of 2022 appeared first on The Block.

On Monday, May 9, 2022, the stablecoin terrausd (UST) lost its parity with the U.S. dollar and dropped to an all-time low of $0.66 per unit. The stablecoin has been one of the most topical discussions in crypto during the past 24 hours, as many have been betting on whether it will fail or recover.

The co-founder of defunct crypto exchange Quadriga took advantage of the stablecoin's dip. The post Quadriga co-founder Michael Patryn trades UST crash for $760,000 gain appeared first on The Block.