Its market cap last week was 18 billion, and it'll probably reach 0 in a day or two

Its complementary coin, TerraLuna, which can usually be exchanged for Terra, is down 97%

:brrrrrrrrrrrr: :stonks-down:

  • spring_rabbit [she/her]
    ·
    2 years ago

    I finally figure out how basic cryptos like bitcoin are "supposed to" work, and then we had NFTs which took me even longer to understand, and now they're making "ecosystems" with multiple types of tulip bulbs that all interact with each other in some arcane fashion?

    I hate this new internet.

    • amber2 [she/her,they/them]
      ·
      2 years ago

      Seems like there was a system where you "burn" Terra in exchange for Luna, which is basically an IOU for Terra that you could cash when the price recovered. If there is no faith that the price will recover, the IOUs are worthless