The algorithmic element core to the stablecoin that led to the $45 billion collapse of the Terra ecosystem in 2022 has been turned off.
The Terra Classic community has voted to stop all minting of Terra Classic USD, the algorithmic stablecoin that brought down Terra last May.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Terra Classic community has voted to stop all minting and reminting of Terra Classic USD, the algorithmic stablecoin formerly known as UST that was at the center of the Terra ecosystem’s $45 billion collapse.
Terra allowed users to freely swap between UST and LUNA, its companion cryptocurrency. However, when UST de-pegged in May 2022, the mechanism failed in dramatic fashion as trillions of LUNA tokens were minted and the price of UST fell below one cent.
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