Cardano founder Hoskinson spoke about the collapse of UST. Hoskinson said the character of a market is best revealed in times of stress.
Cardano founder Charles Hoskinson spoke about the collapse at UST. As it is known, yesterday, Terra’s algorithmic stablecoin, UST, was broken and regressed to $0.60 amid extraordinary market conditions. This has also become a dead end with claims that the foundation will sell Bitcoin to protect the stable. Similarly, Terra suffered from this bad atmosphere and lost more than 50% and fell to $25. Hoskinson drew attention to the reaction of the markets under stress; stressed that the best descriptions emerge at such times.
Recently, the foundation announced a $1.5 billion Bitcoin and UST loan to protect the stable. The move, however, failed to stave off the collapse.
UST, which managed to recover to a large extent at the time of publication, was at $ 0.92; LUNA, on the other hand, is trading at $33.
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