How the Anchor protocol helped sink Terra

5/21/2022 2:25:00 AM

How the Anchor protocol helped sink Terra

How the Anchor protocol helped sink Terra

People who knew better — who saw the warning signs, even — did little to stop naive investors.

.But there were winners, and those winners were insiders. Pantera Capital, for instance, made $170 million on a $1.7 million investment,The New York Timesreported. Another investor, Hack VC, got out of Luna in December. Venture firm CMCC Global sold off in March.

People aren’t wrong to be mad at Kwon. Kwon voluntarily assumed the persona of a villain, because much like reality starSpencer Pratt, he understood that being the villain guarantees you more attention. But as Pratt eventually discovered, once you’re the villain, it’s just about impossible to break the type-casting. That means Kwon will take most of the blame for this, while Y Combinator, Stablegains, Bankman-Fried, and others could walk away without a scratch.

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blz get a degen to proofread your article - the network is called Terra and its currency is LUNA - the stablecoin is not Terra, it's TerraUSD and its ticker is UST This article is riddled with inaccuracies and failed to demonstrate how about sunk luna Don’t miss out on $Moox, Liquidity Focused Project, Ownership Denounced, Solid community engagement, Fixed $BUSD reflection on staked $Moox Consistent DEXTscore of over 80 for 7days streak CoinMarketCap Hates good projects BSCGems Passivelncome

Anchor saw $1 billion of liquidations during UST and Luna's death spiralLast week, Anchor saw more than $1 billion in liquidations, the largest liquidation event for a single DeFi protocol. OsatoNomayo And became a shitcoins instantly OsatoNomayo But while Compound and AAVE crashes but not died, Terra crashed, died and carved a crater. We get it

South Korean watchdog reportedly fines Terraform Labs $78M for tax evasionThe tax authorities were alerted after Terraform Labs sent Luna from Terra Singapore to Luna Foundation Guard (LFG) to avoid taxations or make up for the losses of anchor protocol. Should do a massive burn on $luna so can save some profits Bruh stablekwon more bad news for Terra

Anchor saw $1 billion of liquidations during UST and Luna's death spiralLast week, Anchor saw more than $1 billion in liquidations, the largest liquidation event for a single DeFi protocol. OsatoNomayo And became a shitcoins instantly OsatoNomayo But while Compound and AAVE crashes but not died, Terra crashed, died and carved a crater. We get it

Terra Network Will Be Reborn, According to Official Voting⬆ +12 Terra Network Will Be Reborn, According to Official Voting $LUNA terra $LUNA terra cryptocurrency

Will a Proof-of-Stake Ethereum Lead to More Centralization?.LidoFinance's liquid staking protocol now commands a whopping 1/3 share of total ETH staked on the Ethereum Beacon Chain. Is this a problem for the future of decentralization on Ethereum? reports. LidoFinance You guys might wana check out idlefinance next LidoFinance Surely more people will stake it on Lido after merge and make more centralized

Broadway League extends audience mask mandate through at least June 30The Broadway League has extended the audience mask mandate at all 41 theaters. The sheep must be kept in fear

The New York Times .The Block Quick Take Terra’s popular lending platform Anchor saw more than $1 billion in liqudiations last week, as the Terra project collapsed.Earlier in October, Virgin Islands subsidiaries of Terra were fined 4.The Block Quick Take Terra’s popular lending platform Anchor saw more than $1 billion in liqudiations last week, as the Terra project collapsed.

But there were winners, and those winners were insiders. Pantera Capital, for instance, made $170 million on a $1. advertisement Terra-based lending protocol Anchor saw more than $1 billion in liquidations last week, the largest liquidation event for a single protocol.7 million investment, The New York Times reported.7 billion won ($34. Another investor, Hack VC, got out of Luna in December. According to The Block’s Data Dashboard , $1. Venture firm CMCC Global sold off in March.048 billion worth of staked crypto collateral deposited by borrowers on Anchor was liquidated on the platform between May 7 and May 12.

People aren’t wrong to be mad at Kwon. Luna (LUNA) accounted for over $750 million — or close to 75% of the liquidations — on Anchor during the period. A special financial crime investigation unit called “Grim Reapers of Yeouido” was recalled after 2. Kwon voluntarily assumed the persona of a villain, because much like reality star Spencer Pratt , he understood that being the villain guarantees you more attention. But as Pratt eventually discovered, once you’re the villain, it’s just about impossible to break the type-casting. The last time a large liquidation event like this happened was a year ago. That means Kwon will take most of the blame for this, while Y Combinator, Stablegains, Bankman-Fried, and others could walk away without a scratch. “I am heartbroken about the pain my invention has brought on all of you,” Kwon tweeted on May 13th in what seemed like an abrupt departure of tone. What caused this? In Anchor’s case, the crash of UST was the main instigator. What caused this? In Anchor’s case, the crash of UST was the main instigator.

Since then, he’s practically groveled. He wants to get “the ecosystem” back on its feet. Anchor is a lending platform on the Terra ecosystem. He’s even come up with a new proposal for doing so. That proposal has been . Borrowing on Anchor is at a 10% interest rate and borrowers can take loans of up to 60% of the collateral they deposit on the platform. I guess they weren’t crazy about it. Anchor provides these loans in the form of the UST stablecoin.

Next Up In Sign up for the newsletter Verge Deals Subscribe to get the best Verge-approved tech deals of the week. Liquidations occur on Anchor when the value of the staked collateral falls to a certain point that exceeds the threshold required to pay back the loan. Just one more thing! Please confirm your subscription to Verge Deals via the verification email we just sent you. Email .83.