On Monday last week, we wrote that the largest decentralized stablecoin TerraUSD (UST) slightly unpegged from the dollar over the weekend. Fast forward one week, TerraUSD and its native token Terra (LUNA) are now put to sleep. On Monday afternoon, TerraUSD started to unpeg significantly from the dollar, leading to a true death spiral of Terra, further unpegging TerraUSD. TerraUSD presently trades at $0.078, far from its intended price of $1. Prior to these events, TerraUSD had a supply of around 18bn, whereas it is now around 11bn. To redeem some of this supply, its native token Terra went through hyperinflation. ... (full story)