LUNA Is Now Delisted By BitMEX Exchange! 1 LUNA Token Is Now Just Worth $0.01!

LUNA Is Now Delisted By BitMEX Exchange!

As a result of the dramatic decline of LUNA price, BitMEX exchange today decides to delist LUNA token. On 12 May 2022 at 20:00 UTC, BitMEX will delist the LUNAUSD and LUNAUSDT Perpetual Swap contracts. The contracts will be settled early at 20:00 UTC on 12 May 2022 (“T_settle”) according to the standard practice described in their Exchange Guide.

The decision to delist the contracts has been taken based on the lack of stable spot prices available for the underlying indices.

Details

T_settle 12:00 UTC on 12 May 2022:

• The Funding Rates, F₀, will be calculated as normal using prices from the previous 8 hours. 
• After T_start, the Funding Rates will no longer be calculated and the next Funding Rate set to 0.
• The LUNAUSD and LUNAUSDT Contract Specification pages will display early settlement information.

At T_settle20:00 UTC on 12 May 2022:

• The LUNAUSD and LUNAUSDT contracts will expire, all trading will cease, and all open orders will be cancelled.
• Funding, calculated using F₀, will be exchanged (longs pay shorts if F₀ > 0 and shorts pay longs if F₀<0).
• All open positions in LUNAUSD and LUNAUSDT will be closed out using .BLUNA30M and .BLUNAT30M as the Settlement Price
• There will be no fees charged for settlement.
• Once a contract has expired, the lifetime profit and loss of that contract will be added to the user’s Bitcoin balance and this contract will no longer appear on the Positions section.

The discussion about who can now save LUNA is getting heated. Elon Musk, CZ, Warren Buffett, and even bitcoin creator Satoshi Nakamoto have all been mentioned, but the current situation appears to be too severe for any recovery. Investor confidence has burst like a bubble, and the whole cryptocurrency market is in the unloved red color.

The UST depeg and the severe LUNA devaluation in recent days is one of the most remarkable events in the entire history of the crypto industry. LUNA tokens serve as Terra network’s reserve fund, supporting the network’s stablecoin UST. Terra keeps its peg by minting and burning LUNA, to put it another way, the stability of UST is highly dependent on the stability of LUNA.

LUNA is now trading at $0.01, down over 99.36% in the last 24 hours, according to CoinCu data. With a market capitalization of about $50M, the Terra’s token has dropped out of the top 10 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 raises many serious concerns about the collapse of Terra network and its stablecoin system.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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