As a result of the dramatic decline of LUNA price, Binance today decides to delist of LUNA on its futures trading. Binance futures will delist coin-margined LUNA perpetual contracts and update the leverage & margin tiers for USDT-margined LUNA perpetual contracts.
Binance Futures will conduct automatic settlements on the Coin-Margined LUNA Perpetual Contracts and delist the contracts on 2022-05-12 at 08:00 (UTC).
Binance Futures will update the leverage and margin tiers of the USDT-Margined LUNA Perpetual Contracts on 2022-05-12 with the new leverage and margin tiers. The max leverage of USDT-Margined LUNA Perpetual Contracts has been reduced to 8x.
LUNA is now trading at $0.13, down over 95% in the last 24 hours, according to CoinCu data. With a market capitalization of about $491M, the Terra’s token has dropped out of the top ten list of tokens by market capitalization. This is one of the most impressive large-cap token sell-offs we’ve witnessed this year, and it signals many serious trouble and concerns about the collapse of Terra network and its stablecoin system.
At the time of writing, USDT has also fallen to $0.95, losing its $1 peg to the US dollar. Due to low demand for stablecoins, crypto investors traded USDT for US dollars. Terra’s stablecoin UST depegged to as low as $0.3 from its targeted $1 level earlier this week.
Do Kwon, CEO of Terraform Labs, has revealed his plan to help the stablecoin UST recover its dollar peg.
“Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg. There is no way around it,” he said on Twitter.
He’s supporting a proposal from the community to boost the quantity of LUNA minted every day. More UST holders would be able to cash out as a result.
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