What caused the Luna crypto crash?

The Luna crypto crash was caused by its connection to TerraUSD (UST), the algorithmic stablecoin of the Terra network. On May 7, over $2 billion worth of UST was unstaked (taken off the Anchor Protocol), and hundreds of millions of it were quickly liquidated.

What is Terra Luna cryptocurrency?

The Terra Luna blockchain has its own Luna currency, in the form ofLUNA, as well as the Luna currencies within its ecosystem, the Terra stablecoins. LUNA token: LUNA is the native staking token for the network, as well as being the foundational asset for the entire ecosystem. It has two main functions.

How did the Luna meltdown affect cryptocurrency?

The Luna meltdown impacted the entire cryptocurrency market, which was already highly volatile and experiencing difficulty at the time. It’s estimated that the Luna crash ended up tanking the price of bitcoin and causing an estimated loss of $300 billion in value across the entire cryptocurrency space.

What is Luna (Luna)?

LUNA is a cryptocurrency coin based on the Terra blockchain, which makes it possible to create and exchange digital assets. LUNA is a native token of the Terra blockchain that's used to pay transaction fees and reward other users for participating in the network. LUNA can be used to buy goods and services from businesses that accept such coins.