Prior to the AMA session, CZ published an article, breaking down the whole situation, especially after receiving a deserved heaping of criticism coming from users who used Binance's UST staking offering on the platform.The major flaw, according to CZ, was the mechanism that implied that minting more UST would somehow increase its total value. The mechanism criticized by CZ was the core of the whole Terra/Luna ecosystem, which allowed for keeping the peg of UST up.
But due to a flawed pegging mechanism and problematic"backing with volatile assets" idea, UST could not hold up its peg and tumbled against the increased selling pressure and lack of exit liquidity. Reportedly, LFG even failed to immediately back its stablecoin with BTC holdings as market makers were not able to provide enough liquidity right away.
Luna come back🔥
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