Terra contagion leads to 80%+ decline in DeFi protocols associated with UST
Cointelegraph
Published May 11, 2022 05:30PM ET
Updated May 11, 2022 07:00PM ET
The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin have spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the DeFi ecosystem have seen their prices hammered.
The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC's current drop to $29,000 and analysts fear that DeFi platforms that have liquidity pools primarily comprised of UST and LUNA will collapse.
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Written By: Cointelegraph
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