If we can’t prevent this dumping attack whatsoever, the chain effect leading price drop on Luna will lead to liquidation on all protocols on Terra, and all protocols on Terra are pretty finished and done because risk of liquidation is way more severe than how much APY we are talking about on Anchor.
This is so very true. It is NOT sustainable. Not by any means. Which is why I voted “YES” to drop it down to 4%. That is much more sustainable than a 20%. Weather it attracts users or not, that’s on them. They can keep their $ in the bank with 0.5% APR. That’s safe there.
Increasing the rate could dry up some of the available UST, by drying some UST it should peg quicker.
If anchor increases its rate it may help terra. The con is increasing the rate will make Anchor reserves dry up much quicker.
Low rate more selling possible, but allows anchor reserve to last longer potentially
And that is the main thing Terra & Anchor does not need to deal with again. It will destroy Anchor & the whole selling point of Terra altogether.
think currently flushing itself, anchor is draining nicely and traders are soaking up the sell pressure more than i anticipated. Anyway, concerning this topic everything now should be on a feasible level and i therefore stamp your proposal. Conversely, we’ve seen what a 20% apr brought to us at end a larger market cap but it was very unstainable and caused a major bank run .
You’re talking rubbish. this was nothing to do with the 20% saving acct. DYOR before spreading much unwanted FUD. It’s bad enough with the ‘I told you so brigade’, then again maybe you’re one of them who never believed in it from the start.
As i said before this bank run has nothing to do with the 20% APY
You know that it’s very easy to manipulate the order book. You could even do it yourself, put in some large limit orders and then cancel them when they get closer to the price.
It does have to do with the 20% APY, that’s what attracted a lot of capital and everyone could see that all this capital could suddenly rush for the exits.
The 20% apr caused the mcap of ust to balloon to much before the lfg could formulate a feasible forex reserve mechanism that could dynamically save the peg. Anyway i think the peg can be salvaged, because selling pressure is reducing, if people resort no to sell below peg the better.
If I was Do Kwon, I would restore the peg once its market cap is a few thousand dollars just so I can say, look the peg was restored, you panic selled, fud. Of course, it’s meaningless to restore the peg once there is barely any UST around.
i think the peg will be restored slowly but no too slow, anyway i do not see tfl deploying any funds now with all this fud
You could’ve warned us. You could’ve said that you were going to dump Luna to the absolute floor. I could’ve withdrawn instead of believing in this shit. I really hope karma catches up to you all. You’ve caused so much pain in the world. Innocent people who had savings here trying to escape governments. You are much worse than the enemy. You have doomed crypto for the near future. Peg might be restored but the price you’re paying is already too high.
I honestly dont see how we can recover from this. Even with the proposals currently up on Agora terra. I should have pulled my funds out instead of believing this thing can be saved.
Binance has said they will delist Luna. This is over.
Terra has been halted
I’m tapping out guys. I can accept the massive loss in Luna but losing UST hurts the most. I just sold all my holdings. That was supposed to be my dry powder but instead it blew up harder than all my other holdings.
The last year has been great. But I cant see this thing coming back anymore. I wish you guys all the best. Take care!
Yes and no. You need to put your money where your mouth is. In crypto, unlike in equities, there is no margin orders (good! that is the way it should be), so you can only place as many buy orders as you have uncommitted cash in account, and as many sell orders as you have whatever you are selling. No more. You can’t put orders on the books for more than you could possibly buy or sell.
Thanks for the tips with portalbridge, indeed it works, but pool is limited it doesn’t work with big amount, where did you swap your token ? i did it on Orca.
It hit me too. Feeling lucky I tapped out at 0.77 Was angry when it hit 0.85 on Kraken but now I feel really lucky I got out last night.
Get ready for the lawsuits and regulators!
As an economist, I think in order to get the system back to normal, the APR needs to be flexible (based on the amount of deposits and loans). I understand that due to the constant decline in UST price, the system cannot support a high and stable APR value, however raising interest rates can stabilize and even rise the UST price, in addition, I believe that if the price of UST is stable (even when not repegged!) raising interest rates will help revive the system. here, I explained my idea: