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Rekt: Terra Luna



Although a double-digit loss on the crypto market is not an isolated case at the moment, TerraUSD (UST) and Terra (LUNA) are making headlines.

Stablecoin UST has been struggling to decouple from the US dollar for the past few days, slipping to around $0.44 today, May 11. TerraUSD is thus down more than 50 percent on a daily basis and is now more than 50 cents away from the targeted value.

 Even the lending of the BTC holdings to secure the stablecoin has not been able to save the course in the long term.

Terraform Labs CEO Do Kwon has now explained on Twitter how he wants to restore the stablecoin's peg to the US dollar.

“The only way forward will be to absorb the stablecoin supply that wants to exit before UST can start the repeg. There is no way around it,” writes Kwon.

In the first step, the number of LUNA tokens mined per day is to be increased fourfold .

Already yesterday , news outlet The Block reported that Terra is trying to raise $1 billion in capital to shore up the stablecoin. The medium referred to three anonymous sources.

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