Last weekend, as Terra’s UST stablecoin showed the first warning signs of instability, slipping from its dollar peg to $0.985, Luna Foundation Guard (LFG), the nonprofit responsible for overseeing the health of Terra’s ecosystem, voted to deploy $1.5 billion in Bitcoin and UST from reserves to repeg UST to the U.S. dollar. The move was the execution of a code-red strategy LFG had been planning for months: Since January, LFG had stockpiled over $3.5 billion in reserves of Bitcoin, Avalanche, LUNA, and UST, to deploy if UST ever slipped below $1. Per LFG, that loaned capital would be used to buy up huge amounts of UST, creating buy pressure that would push the stablecoin back up to its intended price. The Terra blockchain has resumed activity following a halt of around nine hours while validators plotted a route out of its ongoing crisis. The blockchain was halted at block 7607789 slightly after 3:00 UTC Friday. Blocks 7607790 and 7607791 then came through at around 11:27 UTC. Following the resumption of the blockchain, Terraform Labs, the company behind the Terra ecosystem, tweeted that network validators have disabled on-chain swaps and Inter-Blockchain Communication (IBC) protocols have been closed. It encouraged users to "bridge off-chain assets, such as bETH, to their native chains." Decentralized Finance (DeFi) application PancakeSwap has released a governance proposal that outlines a roadmap for its native token, CAKE. The proposal, which was passed with a 98.8% majority across 11 million votes, suggests imposing a supply cap of 750 million for the CAKE token. CAKE currently has a circulating supply of 295 million. The maximum supply is expected to be in circulation within the next three to four years. Australian bitcoin (BTC) miner Iris Energy (IREN) remains on track for 15 exahash per second (EH/s) in hashrate – 10 EH/s of that by early 2023 – but its fiscal third-quarter revenue of $15.2 million was shy of the analyst consensus forecast of $16 million.
📚Books: https://www.amazon.com/s?k=reginald+seay&crid=XNP2FB40Q3TH&sprefix=reginald+seay%2Caps%2C232&ref=nb_sb_noss
📚 Course: https://market-marauders-complete-guides.teachable.com/p/the-complete-guide-to-cryptocurrency
📚Website: www.marketmarauders.net
🦩Twitter: @yourequest
😎Instagram: market_marauders
📧Email: reg24k@gmail.com
🚧 DISCLAIMER🚧
I am not a qualified licensed investment advisor. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read and/or view and/or hear on the channel.
