what is the correlation between UST and Luna that explains its big drop?
One of the largest cryptocurrencies lost nearly all of its value overnight. How can it be explained?
Before May 10, TerraUSD was in the top 10 most valuable cryptocurrencies with an estimated market value of more than $40 billion.
However, a huge market crash sent the value tumbling (understatement) to $500 million, a drop of nearly 99 percent
UST is another name for TerraUSD, a cryptocurrency stablecoin. These coins are usually pegged, either literally or artificially, to the United States Dollar.
These coins are important for decentralised finance as they are a way to try and stop some of the worst volatility in the crypto market.