LUNA Collapses to $0.69 As Terra Founder Do Kwon Outlines Plan | Kianite

LUNA Collapses to $0.69 As Terra Founder Do Kwon Outlines Plan To Rebuild Ecosystem

Terra founder Do Kwon has revealed a plan to rebuild the project’s ecosystem following LUNA’s 99% collapse from its all-time high to below $1 and TerraUSD (UST) losing its dollar peg.

In a Twitter thread, Kwon tells his 532,000 followers that he intends to work with the Terra community to “weather the crisis” and get back to original form.

LUNA crashed to $0.69, more than 99% down from its all-time high of $119 after Terra’s UST stablecoin lost its peg to the dollar. UST was designed to stay pegged to the US dollar and allows holders to redeem 1 UST for $1 worth of LUNA. When UST dipped well below the dollar mark, massive amounts of sell-pressure dragged down LUNA’s prices as aggressive arbitrage took effect.