The Terra protocol is experiencing a marked increase in UST market cap numbers, reaching the upper limit for issuance of its flagship stablecoin.
Terra, one of the top 10 cryptocurrency projects by market cap, has reached a UST-related milestone recently. The Luna Foundation Guard , a nonprofit organization, reported that the protocol had reached the maximum daily issuance of its flagship stablecoin, UST. This is due to high demand that interested parties are showing in minting the asset.The Terra protocol is experiencing a marked increase in UST issuance numbers.
peak issuance of UST for several days due to the increase in the demand for the decentralized, dollar-pegged stablecoin.The Luna Foundation Guard declared that people wanting to get their hands on UST were going to secondary markets. It explained:As a result, people have turned to the curve pool to get their UST, which has caused the curve pool to become unbalanced.Curve is a decentralized finance protocol that specializes in trading stablecoins and pegged tokens with almost no slippage.
February 23, with a $1 billion token sale that was led by VC companies like Jump Crypto & Three Arrows Capital, Defiance Capital, Republic Capital, GSR, and Tribe Capital.Do Kwon, co-founder of Terraform Labs, has expressed support for this initiative aiming to keep the UST’s dollar peg secure. Kwon recently reinforced his commitment,
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