TerraUSD (Wormhole) 价格

TerraUSD (UST) is the decentralized, scalable, yield-bearing, and algorithmic stablecoin of the Terra blockchain, offering a wide range of features. Its value is pegged at 1:1 to the US dollar, making it an ideal medium of exchange and a scalable solution for DeFi projects.

Check the TerraUSD current price, market cap, total supply, max supply, circulating supply, 24-hour trading volume, TerraUSD price statistics, etc., and get updates on UST price live data on CoinStats, one of the best crypto platforms around.

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Read on to learn everything you need to know about TerraUSD UST.

What Is Terra USD 

TerraUSD (UST) launched in September 2020 on the Terra blockchain in partnership with Bittrex Global, aiming to create a scalable stablecoin pegged to the US dollar. TerraUSD’s native blockchain, Terra, is a brainchild of Terraform Labs, a subsidiary of the Terra Alliance that consists of 16 e-commerce companies.

TerraUSD is an algorithmic stablecoin. It's required to burn 1 USD worth of LUNA token, the native cryptocurrency of the Terra Blockchain, to mint 1 TerraUSD.

The value of Terra USD is pegged 1:1 to the US dollar, making it an ideal medium of exchange on DeFi and TraFi platforms. The Terra network powers Mirror Protocol, a decentralized exchange built on Terra and Ethereum, and CHAI, a South Korean payment network with over 1.3 million users.

The highest price paid for Terra UST since it was launched or listed was $1.09 on Jan 11, 2021.

Controversy

TerraUSD has been in the news currently for all the wrong reasons. The prices of Terra Luna and TerraUSD (UST) saw a rapid drop in prices, dubbed the "LUNA Crash" by experts. While the event’s name only mentions LUNA, it’s important to note that these two assets are interconnected.

According to Coindesk, the lowest dip was recorded on May 11, when the stablecoin value dropped to $0.28.

TerraUSD (UST) is not supported by USD or other fiat currencies; instead, it uses Terra (LUNA) to stabilize its price at $1 by burning LUNA to generate new UST tokens.

According to Financial Express, the decrease in the price of Terra (LUNA) is linked to the large-scale selling of LUNA tokens caused by the failure in de-pegging UST.

The massive withdrawals of Terra USD from the Anchor Protocol were based on the rumor that Terra was changing the fixed rate of 20 percent interest to a variable rate. The domino effect of these withdrawals eventually led to the drop of Terra USD value to $0.28, a near 95% drop from the pegged price of 1$. 

According to some experts, over $15 billion in cryptocurrency value was wiped out after the TerraUSD stablecoin collapsed.

Following the crash of UST, the Luna Foundation Guard (LFG), a Singapore-based non-profit organization dedicated to developing the Terra ecosystem, depleted its BTC reserves from around 80,000 Bitcoins to 313 BTC.

TerraUSD Founders

Do Kwon and Daniel Shin are co-founders of Terra (LUNA). Do Kwon is the CEO of Terraform Labs. He is a former software engineer at Microsoft and Apple. Kwon also served as CEO of Anyfi, a startup providing decentralized solutions for wireless mesh networks.

Kwon is included in the Forbes 30 Under 30 list of the world’s most successful entrepreneurs. He is a South Korean national, and Terraforms Labs is headquartered in Singapore.

Co-founder Daniel Shin is a talented economist and entrepreneur. Before Terra Alliance, he co-founded Fast Track Asia, a startup incubator, and managed to co-found and lead TMON (Ticket Monster), a South Korean e-commerce platform. Daniel Shin is also the founder of Chai, a leading payment technology company in Asia.

The duo co-founded Terra Blockchain to leverage the advantages of DeFi to create a better payment system. Terra has raised $32 million from crypto-giants such as Binance, Arrington XRP, and Polychain Capital to improve their project.

In November 2021, a popular vote of the Terra community decided in favor of burning almost 89 million LUNA tokens and minting 4 million to 5 million TerraUSD coins. This was designed to stimulate the growth of the Ozone insurance protocol on the Terra network and led to a fresh surge in the value and market capitalization of LUNA.

How Does TerraUSD Work

TerraUSD UST is an algorithmic stablecoin linked to Luna, TerraUSD's reserve asset and native cryptocurrency. So, if you wanted to mint one TerraUSD, only $1 worth of Terra's LUNA token was burned out of the system. 1 UST was defined as being equal to $1 worth of Luna, meaning a holder of $1 in UST would always get $1 in value back. This incentivized traders to keep the value of UST at or close to $1.

TerraUSD also connects and enables blockchain ecosystems using Dropship, a bridging protocol. Dropship allows TerraUSD to be integrated into DeFi platforms and DEXs and move between blockchains.

Miners staked Terra's native LUNA token using a Proof-of-Stake system to mine Terra transactions.

Terra's protocols also feature an arbitrage mechanism that presents an opportunity for profit by exploiting discrepancies between asset prices on different exchanges.

The mechanism was proven flawed recently when it unpegged and led to Terra UST losing over 90% of its value to the dollar. 

Over $15 billion in cryptocurrency value was lost.

How to Buy Terra USD 

Look for an exchange that supports both fiat and cryptocurrency to simplify buying TerraUSD.

Step #1: Create an Account

Once you’ve selected reliable cryptocurrency exchange, you can move on to creating your account to buy TerraUSD. The requirements differ depending on the platform you pick. Personal information such as your name, contact number,  e-mail address, home address, social security number, and a copy of your driver's license, passport, or government-issued ID will be required for most transactions. You might also need to identify yourself through a webcam or smartphone in compliance with Know Your Customer (KYC) rules if you plan to deposit fiat money from your bank account to purchase the UST token.
After verifying your ID, you may want to enable the two-factor authentication system (2FA) to add an extra layer of security to your account.

Step #2: Fund Your Account

After setting up your account, the next step would involve depositing funds to purchase TerraUSD and other cryptocurrencies. You can use your bank account, debit/credit card, or crypto coins from a different crypto wallet. Your payment method will be determined by the platform, location, and preferences.

Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it may involve an additional fee. In the case of a local bank account, transfers are generally free, but you may want to double-check with the platform you are using.
TerraUSD can also be traded for other cryptocurrencies like Bitcoin, Ethereum, or stablecoins. The trading pairs vary between exchanges, so you will need to search for TerraUSD on the spot market to select a pair from the list of available currencies.

Step #3: Buy TerraUSD

Once your account is funded, you can now buy TerraUSD. Most centralized and decentralized exchanges offer an "instant buy" option that lets you purchase UST easily for a set price. An alternative way involves opening a trade in the spot market and setting your own price. Although the "instant buy" method is relatively straightforward, it tends to be more expensive than the spot market option. It's also good to check the market conditions and recent performance to see if it's the appropriate time to buy TerraUSD before purchasing.

Step #4: Secure Your TerraUSD

After buying your UST coins, you can either keep them on the exchange or store them in a personal crypto wallet.

It's important to note that the Terra blockchain has officially halted, and UST has remained de-pegged from the US dollar since May 9, 2022.