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Terra contagion leads to 80%+ decline in DeFi protocols associated with UST

Cryptocurrency May 11, 2022 07:00PM ET
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Terra contagion leads to 80%+ decline in DeFi protocols associated with UST

The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin have spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the DeFi ecosystem have seen their prices hammered.

The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC's current drop to $29,000 and analysts fear that DeFi platforms that have liquidity pools primarily comprised of UST and LUNA will collapse.

LUNA, ANC, ASTRO and MARS in USDT pairings. 4-hour chart. Source: TradingView
ATOM/USDT vs. KAVA/USDT vs. MIR/USDT vs. OSMO/USDT 4-hour chart. Source: TradingView
MKR/USDT 4-hour chart. Source: TradingView

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Terra contagion leads to 80%+ decline in DeFi protocols associated with UST
 

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Comments (4)
Rob Scott
Rob Scott May 11, 2022 11:28PM ET
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Damn. Gald i sild all mine last week.
Zulqarnain Haider
Zulqarnain Haider May 11, 2022 10:34PM ET
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any news about luna
Imran Parvez
Imran Parvez May 11, 2022 9:49PM ET
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All is coming down and no one to stop it...
Warren Kaplan
Warren Kaplan May 11, 2022 9:11PM ET
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The greatest ponzi scheme in the history of civilization begins to unravel......
Jack Kennedy
Jack Kennedy May 11, 2022 9:11PM ET
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And it's Past being About Time too...'Good Riddance too' ...
Yepes Koke
Yepes Koke May 11, 2022 9:11PM ET
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As a new investor its always great to hear from a person who has gone through all the difficult times and come ahead of it, it's unnerving to see your portfolio go from green to red but as mentioned if you have invested in a quality names just have to keep adding to and stay the course
 
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