Stablecoins are struggling to survive the crypto crash - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/05\/13\/stablecoins-are-struggling-to-survive-the-crypto-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stablecoins are struggling to survive the crypto crash - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: It\u2019s been a crushing few days for the Terra project, in a week that has been unforgiving for cryptocurrency as a whole. 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\nIt\u2019s been a crushing few days for the Terra project, in a week that has been unforgiving for cryptocurrency as a whole.<\/p>\n

Over the past few days, the TerraUSD (UST) stablecoin, which is meant to maintain a dollar peg, uncoupled dramatically from the $1 mark and dropped to a low of less than 30 cents on May 10th. In the latest update to the saga, the beleaguered project put its entire blockchain on halt for around two hours<\/a> on Thursday, freezing user funds until the blockchain was unpaused.<\/p>\n
\n\nThe Terra blockchain was officially halted at a block height of 7603700.https:\/\/t.co\/squ5MZ5VDK<\/a><\/p>\n
Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA<\/a> inflation and a significantly reduced cost of attack.<\/p>\n
\u2014 Terra (UST)   Powered by LUNA   (@terra_money) May 12, 2022<\/a>\n<\/p><\/blockquote>\n<\/div>\n
It\u2019s a severe measure, particularly given cryptocurrency\u2019s emphasis on decentralization. \u201cWe have seen hard forks before, but this is the first time we\u2019ve seen such a big, decentralized blockchain system decide to halt the entire thing,\u201d said Ronghui Gu, CEO and founder of blockchain security firm CertiK.<\/p>\n
\n\u201cthis is the first time we\u2019ve seen such a big, decentralized blockchain system decide to halt the entire thing\u201d<\/q><\/aside>\n<\/div>\nThe chaos has been fueled by a steep slide that has seen $200 billion in value wiped out in a single day<\/a>. Bitcoin alone fell to below $25,000<\/a> on the morning of May 12th, a price not seen since December 2020 and less than half of its peak in November 2021. Other cryptocurrencies have faced a similarly punishing few days, with Ethereum having lost around 20 percent of its value<\/a> in just 24 hours.<\/p>\n
Terra\u2019s problems started on May 9th when the price of the UST stablecoin began to slide dramatically. Because of the way that algorithmic stablecoins operate, this caused a huge increase in the supply of the corresponding Luna cryptocurrency token, which is traded against UST in order to balance the price.<\/p>\n
Adding Luna tokens into circulation or removing them was previously sufficient to maintain a consistent price for UST. But the size of the price slide and the corresponding amount of Luna minted \u2014 supply more than tripled<\/a> in a matter of days \u2014 sent the two linked cryptocurrencies into a \u201cdeath spiral\u201d from which neither has been able to recover.<\/p>\n
Currently, UST is trading at around 40 cents instead of $1; and the value of Luna has been almost entirely wiped out, crashing from $100 to around 1 cent<\/a>.<\/p>\n
\n  <\/p>\n    <\/p>\n<\/p>\n
<\/source><\/picture>\n
    <\/span><\/p>\n
  <\/span><\/p>\n
    UST value from May 7th to May 12th.<\/em><\/figcaption>Image: CoinMarketcap<\/cite><\/p>\n    <\/span><\/p>\n<\/figure>\n
Terra\u2019s nightmare week shows clearly that stablecoins, which theoretically should maintain a fixed price, can in reality be very much affected by bigger cryptocurrency market movements \u2014 and affect those movements in turn.<\/p>\nTerra isn\u2019t the only stablecoin facing problems in the wake of the cryptocurrency downturn. Tether\u2019s USDT stablecoin, the largest by circulation, sank well below its dollar peg to trade at 95 cents on some exchanges<\/a> on Thursday morning, though the price has since recovered. The moves were significant enough that Treasury Secretary Janet Yellen weighed in to reassure the US House Committee on Financial Services that the events did not pose a significant risk<\/a> to financial markets as a whole.<\/p>\n
\n\u201cThere are fiat-backed stablecoins but people feel this is too simple\u201d<\/q><\/aside>\n<\/div>\nStill, the sudden drop is a reminder that the economics behind most stablecoins is still highly experimental. \u201cThere are fiat-backed stablecoins but people feel this is too simple \u2013 in the web3 and blockchain world they want to create big, novel ideas and innovations,\u201d said Gu. \u201cThat\u2019s why there is so much research on if it\u2019s possible to use algorithms to generate a stablecoin, but so far there are no completely convincing solutions.\u201d<\/p>\nTerra\u2019s future is uncertain, but the sheer volume of unredeemed Terra coins presents a huge problem for the project. As more coin-holders try to cash out, they are likely to devalue the supply of Luna tokens even further, creating what Bloomberg<\/em>\u2019s Matt Levine described as \u201ca death spiral<\/a>.\u201d<\/p>\n
But Gu is still guardedly optimistic about the broader future for stablecoins. \u201cThe crash shows people have overestimated what can be done with blockchain and web3 in a short period of time,\u201d he says, \u201cbut they still underestimate what can be done in five or ten years.\u201d<\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/5\/12\/23069232\/terra-luna-collapse-stablecoins-crypto-crash-bitcoin<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: It\u2019s been a crushing few days for the Terra project, in a week that has been unforgiving for cryptocurrency as a whole. Over the past few days, the TerraUSD (UST) stablecoin, which is meant to maintain a dollar peg, uncoupled dramatically from the $1 mark and dropped to a low of less than 30 […]<\/p>\n","protected":false},"author":1,"featured_media":5729,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,8],"tags":[16],"class_list":["post-5728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","category-technology","tag-policy"],"yoast_head":"\nStablecoins are struggling to survive the crypto crash - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/05\/13\/stablecoins-are-struggling-to-survive-the-crypto-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stablecoins are struggling to survive the crypto crash - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: It\u2019s been a crushing few days for the Terra project, in a week that has been unforgiving for cryptocurrency as a whole. 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