Fall behind fall; Will the UST price drop affect your network?
Following the dramatic collapse of StableCoin of the Terra network, it is now time for 80% of the losses of the projects related to this network. Meanwhile, traders’ search for other decentralized stable coins, which can be used instead of the network’s stable coin, or “UST”, has strengthened Dai, the Mikrdao stable coin.
To Report It was only yesterday that the Telegraph collapsed with the collapse of Luna, Terra’s main digital currency, and its stable Quinn, the digital currency market, and any project that is somehow related to the Difa ecosystem experienced price declines. The effect of the sudden collapse of Terra’s digital currency and its stable coin has taken over the entire digital currency market, and therefore, projects with the slightest connection to the Difai ecosystem have also seen price declines.
However, the forced sale of Bitcoin stocks backed by this stable coin has pushed down the price of the market’s largest digital currency to $ 26,000, and analysts are concerned that DIFA platforms whose liquidity pools are based on digital currencies Terra and Stable Kevin is UST, face falling prices.
From the suffering of protocols based on you
These types of tera-based projects that you really should be concerned about include anchor protocol, astroport and mars protocol.
As shown in the chart above, these three items have lost more than 80% of their value since May 4, when the digital currency price correction began.
Also read: Expert opinion: Keeping bitcoins in exchange offices will reduce the price
The protocols in question are all DeFi-focused, meaning that they are heavily integrated with UST as the main stable coin of liquidity and Terra digital currency as the main source of locked value in their smart contracts. Until UST and Luna recover their prices, it is unlikely that there will be any hope of improving these protocols.
Communication protocols between Chinese blocks were also affected
Assets in the Kazmas ecosystem were also affected by the price collapse. Tokens such as the ATOM, the Mirror Protocol, the OSMO, the MIR, and the Kava, which use the communication protocol between the IBC porcelain block integrated with Tera, have also undergone major modifications.
Of course, the reduction in the price of these assets is less than that of the assets that were supported in the protocol itself; However, they have also been affected by this fall.
Bob Del Maker Market Fluctuations
Despite all this, the digital currency maker has been successful in the meantime. In light of recent events, many digital currency traders now see the DAI as the best decentralized stable coin on the market.
Of course, the growth of the maker price did not last long and the price of this digital currency has now dropped to the range of $ 991.
In the midst of drastic price changes, and while the market has not yet digested the current reforms and the news of falling prices is spreading fast, we need to see how other StableCoin protocols such as USDD, Frax Share and mStable work and whether their prices are contrary to philosophy. Will their nature change or not? Of course, these projects are mostly used in centralized applications.