“Dai is a stablecoin implemented as an ERC20 token on the Ethereum blockchain. Designed to maintain 1:1 parity with the US Dollar its value is backed by collateral which is locked up in a smart contract, the Maker collateral vault.”

Using on-chain data, Nansen traced seven power users who may have triggered the depeg when they rushed to sell huge amounts of UST on Curve.

It’s been a traumatic couple of weeks in crypto and the drama continued last week with the Ethereum beacon chain suffering a 7 block reorg when some but not all nodes failed to upgrade the validator software in time. The market reacted as expected with Eth selling off violently down to the low 1700s before…

Terra is forking its blockchain and ditching UST, the algorithmic stablecoin that collapsed in dramatic fashion two weeks ago. 

GM, Good monday to one and all. Are we in a bear market? Yes, we are and we have been for some time already. The truth is the bottom most likely hasn’t happened yet. I would expect that to be much closer to the previous ATH of 20k. And that will hurt. Details on losses…

South Korean authorities have formed an emergency financial crimes unit to investigate the collapse of stablecoin protocol Terra, and fined the protocol’s founder, Do Kwon, $78M for tax evasion, local media reported. The government agencies want to understand why UST, Terra’s US dollar stablecoin, lost its peg on May 9. The crash wiped $18 billion…

Tuesday, normally a day for a tutorial but as you know, there’s only one story we’re concerned about right now and it’s the ongoing saga of whether anything of Luna or UST or Terra in general can be salvaged from all this. ‘Terra is more than $UST’ says Do Kwon. But is he right?

LFG burned through its Bitcoin reserves in an attempt to shore up UST. Some of its swaps are raising eyebrows.

It’s Monday, time for a quick take on what’s happened since the apocalyptic events of last week. To recap. UST depegged, Terra’s supposedly blue chip ecosystem death spiraled leading to rampant inflation in the Luna token and catastrophic contagion throughout the entire crypto space.