Later that day, after warning that it would need to delist UST and LUNA trading pairs, Binance pulled them from its platform. “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team,” Zhao wrote on Twitter on Friday, saying the Terra team had been unresponsive after halting its network. “And this is exactly why Terra is not just another stablecoin, but a better payment network using a price-stable digital currency to complement both existing fiat and cryptocurrencies ,” Binance wrote in a 2019 blog post, “ retaining all the censorship resistance of Bitcoin, and making it viable for use in everyday transactions.”īut since UST lost its 1:1 peg with the dollar last week, the crypto exchange has been critical of the way the team handled the situation. Each time UST fell below $1, users could buy the discounted UST, and then swap it (burning the UST in the process) for $1 in LUNA, before flipping that LUNA for a small profit on the open market.īesides just a dollar-pegged stablecoin, Terra also offered many other world currencies including the euro, yen, pound, and many others. Terra founder Do Kwon has also been making headlines for months after he began buying millions worth of Bitcoin to the reserve backing UST.īefore this, the stablecoin maintained its peg via a unique mint-and-burn mechanism in tandem with the LUNA token. At the time of writing, the chain has resumed and UST is trading at $0.10, according to CoinMarketCap, and the UST is worth $1.4 million. For more information, see our Terms of Use and Risk Warning. This material should not be construed as financial advice. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. You should only invest in products you are familiar with and where you understand the risks. Some reports believe it could cost anywhere between 30 and 60. Past performance is not a reliable predictor of future performance. LUNA 2.0 is rumored to cost 50 upon launch, according to social media reports. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. The value of your investment may go down or up, and you may not get back the amount invested. Risk Warning : Digital asset prices are subject to high market risk and price volatility. Discover current price, trading volume, historical data, LUNC news. Trade on-the-go with Binance’s crypto trading app (iOS/Android)īinance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. - The live price of LUNC is 0.0000861 with a market cap of 500.34M USD. Phoenix Software Upgrade v2.4 Proposal Voting advice people luna peace life ama price binance money set thing reminder. Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.įor more information on the network upgrade, please refer to the following: news meme platform engineer video early surprise coin central O russia call. We will reopen deposits and withdrawals for LUNA once we deem the upgraded network to be stable, and we will not notify users in a further announcement. The estimated time is for users’ reference only.īinance will handle all technical requirements involved for all users holding LUNA in their Binance accounts. The Terra (LUNA) network upgrade will take place at the Terra block height of 5,994,365. The trading of LUNA will not be affected during the network upgrade. Deposits and withdrawals of LUNA will be suspended starting from approximately 12:00 (UTC). The Terra (LUNA) network upgrade will take place at the Terra block height of 5,994,365, or approximately at 13:00 (UTC). Binance will support the Terra (LUNA) network upgrade.
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