'$DAI Will Die' Tweet Twisted Back on Terra's Kwon as UST Loses $1 Peg | Crypto Craft

  • '$DAI Will Die' Tweet Twisted Back on Terra's Kwon as UST Loses $1 Peg

    From coindesk.com

    Just two months ago, Do Kwon, the founder of the Terra blockchain, tweeted to his followers that DAI, a five-year-old stablecoin, would succumb to the fast-rising growth of Terra's stablecoin, UST. tweet Fast forward to this week, and it's UST, not DAI, that needs a lifeline. The algorithmic stablecoin hosted by the Terra Network lost its dollar peg twice this week, falling to as low as 23 cents on Wednesday. As a stablecoin, the price of UST is supposed to keep a value of $1 at all times. Because of that price drop, DAI, which is built on the Ethereum blockchain, briefly surpassed UST as the biggest stablecoin by ... (full story)

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Goat
May 12, 2022 3:53am
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Any CEO beefing on Twitter is a red flag.
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Goat
May 12, 2022 4:04am
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I see a 30% chance that UST is the catalyst for an implosion of the scams that make up 90% of today's crypto industry. Like a mass simultaneous rugging that leaves even the ruggers with losses.
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