So far, LUNA has fallen in price by more than half, and the stablecoin of the UST ecosystem is trying to restore the peg todollar, the Binance exchange suspends the withdrawal of both assets.
On the morning of May 10, the Binance trading platform announced the suspension of the withdrawal of two key tokens of the Terra ecosystem - LUNA and TerraUSD (UST) - that fell into a turbulence zone.In its blog, the company explains the decision by network congestion and a long queue of pending withdrawal transactions.
Binance explains how soon Terra LUNA and TerraUSD withdrawals will resume:
Binance will reopen the withdrawal of these tokens once we consider the network is stable and the volume of pending withdrawals will decrease. We will not notify users in further announcements.
Monday, May 9, was volatile forTerra ecosystems. According to Binance, UST quotes fell to $0.6 against the usual $1, later recovering. Meanwhile, data from the aggregator CoinGecko showed that the rate of LUNA, the key token of the Terra ecosystem, which under normal market conditions can be burned in exchange for UST, fell from $62 to $28 per day.
The wider crypto market is also struggling. The bitcoin exchange rate at the moment fell below $30,000, but is now approaching $32,000.
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