![]() ![]() Then, over the course of two days from 9 May to 11 May, it all fell apart. Luna exploded from a market cap of US$2.5 billion in June 2021 to a peak of over US$40 billion in April this year. Investors – retail and institutional – agreed. ![]() The founder of TerraForm Labs, Kwan Do-hyung (better known as Do Kwon) claimed he had created something unique, capable of weathering both bear and bull markets. Terra (UST) □ Powered by LUNA □ May 13, 2022Ī VC darling, backed by the likes of Pantera Capital and Kinetic Capital, Terraform Labs saw its first initial coin offering in 2019 but started to really take shape in January 2021 after a round of venture capital funding. Terra Validators have halted the network to come up with a plan to reconstitute it. The Terra blockchain has officially halted at block 7607789. On 13 May, the blockchain had even been shut down by the validators – those responsible for verifying the transactions on the blockchain – though it would later resume block production with some functionality disabled. Luna was valued at US$86 per token on 5 May – down from the US$120 peak, but most tokens were down at the time – and it was ranked as high as number 6 in terms of market capitalisation among cryptocurrencies, with a total market capitalisation of US$28 billion.Īs of 16 May, Luna is valued at US$0.00022 with a market cap of US$1.5 billion. Just a few weeks earlier, Terraform Labs the creators of the TerraUSD and Luna cryptocurrencies, was riding high. Over the course of a few days last week, we saw what was perhaps the most dramatic flame-out in the history of cryptocurrencies. ![]()
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