Terra network suffers massive losses as UST falls below dollar peg
Whilst the whole cryptocurrency sector is tanking to lows not seen since last summer, few coins are having a worse time than TerraUSD (UST), the largest algorithmic stablecoin on the market.
UST, which is supposed to always be worth $1, briefly fell to $0.98 on May 7 following a number of major withdrawals from decentralised finance (DeFi) protocols on the Terra network.
The situation worsened on May 9 when UST’s price plummeted to $0.68 amidst a wider market selloff...