Key Takeaways
- The Terra (LUNA) blockchain is heading for version 2.0, with 65.90% of the voters favouring a hard fork at the time of writing. The Luna Foundation Guard plans to compensate UST holders with its remaining funds.
- Do Kwon is summoned to a parliamentary hearing as politicians inquire further details about the LUNA incident and its aftermath.
- Tether (USDT) shrinks the portion of commercial paper in its reserves by 17%, while Circle commits to transparency with weekly USDC reports.
- Deus Finance’s DEI became the latest algorithmic stablecoin to lose its dollar peg, and plummeted to 55 cents. As of 22 May 2022, DEI is trading at about US$0.70.
- This week’s price, volume, and volatility indices are negative at -1.40%, -52.00%, and -56.92%, respectively.
Highlights
- Wormhole announces $10 million bug bounty payout
- Terra’s amended revival plan would decrease the allocation for post-attack UST holders
- Do Kwon amends Terra 2.0 proposal during the vote on it
- Fantom’s SCREAM Falls 50% After Algorithmic Stablecoins Cause Bad Debt
- Anchor saw $1 billion of liquidations during UST and Luna’s death spiral
- Crafting Finance brings synthetic asset issuance and trading on NEAR
- Curve Finance community initiates proposal to stop incentivising UST pools with CRV
- Institutional DeFi enabler? Data firm Kaiko probes DEX liquidity with new product
- Justin Sun still thinks algorithmic stablecoins are a good idea
- SWIFT, Capgemini team up to test using the international network for CBDC transfers
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