The two most-discussed tokens this week - luna (LUNA) and terraUSD (UST) kept moving lower, despite the team behind these projects announcing "three more emergency actions" in an attempt to save the UST algorithmic stablecoin.
The suggested "emergency actions" include:
1. Proposal to burn the remaining UST in the community pool. 2. Terraform Labs (TFL), the group behind Terra, will burn the remaining 371m UST cross-chain on Ethereum (ETH). 3. TFL just staked 240 million LUNA to defend from network governance attacks.
However, this proposal still needs to be confirmed by their community.
Meanwhile, crypto exchange Binance said today that it would delist the LUNA/USDT perpetual futures contract from its market if the price falls below USDT 0.005 “due to the existing tick-size constraints of the LUNAUSDT perpetual contracts.” The exchange added that it will instead list a LUNA perpetual contract against the binance USD (BUSD) stablecoin at 15:00 UTC on Thursday.
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