Topic: RIP LUNA & UST ! Is USDD be same like that.. (Read 681 times)

Both UST and USDD are decentralized algorithmic stablecoins, so they are equally vulnerable. The difference between USSD and UST is only that its capitalization is much smaller and, accordingly, the team of this stablecoin has more chances to restore the peg to the dollar by buying back excess coins from the market.

I think that LUNA will no longer be able to recover and the chances are very small, so if you expect that to happen I think you will spend your funds to survive and buy it wait until it will increase again.
by making changes with updates, it is seen that the market still cannot accept the fact that the initial price immediately fell drastically. it takes hard work to give confidence to investors to be able to accept it again and it is not easy.

I'm holding a little USDD not too much, I think maybe Justin calculated the risk for USDD seeing how UST collapsed. even though USDD's market cap is not as big as UST but if it crashes it will cause extreme panic in the market and people will leave the market. The current situation is not too serious so let's stay calm but always be ready because things in crypto are always unexpected.


It's really dead, if you invest in it and hope it comes back. So sorry to send my condolences to you.

I really can't say USDD is dead like LUNA and UST,
I'm also sure Justin SUN already has a way to prevent USDD and TRON from dying like LUNA coins,
we know the progress and development of TRON, so we have to believe they can overcome that,
judging from the current situation I don't think there is any indication of death like UST and LUNA, so take it easy

Still I'm Afraid about the Future of the  TRON TRX is going through a Crisis same like UST but TRON is managing condition more appropriated as compared to the UST team did if USDD survives this pressure then it can be a great achievement by the team and USDD can be more powered in future.

USDD is Quite better due to better reserve Power and LUNA UST were pegged by Suppply and demand ratio but in case of TRX these coins are pegged but on basis of market value not on supply

Good research their, my thought are becoming clear after reading some points of view of other community members here, well as tron has backup more than the usdd supply, that's why i think it becomes possible.
Lets say, tron got hyped in the next era, but it do need something unique like meta verse project which are not just bluff like reall working projects to help real time people, like meta of facebook is making great progress.

USDD's low is $0.96 and that's nearly out of the range.

I do not trust these stable coins that has got out. Sad to say that you really won't know how long these stable coins will drop and depegged to USD.

If there's one stable coin that I can use, I'll choose DAI instead of these. Stable coins are great help especially when the bull run to save your money and wait until the bear comes.

But, if we keep on seeing lower than the peg of it on USD, you really will lose your trust on some of them.

Sad to say that might not happen anymore.

Luna will be recovered, just a matter of time, the hack was heavy to a point UST lost his role model as a stable coin, as long cryptocurrency market is trending in ecosystem and maybe next Bull run Luna we bounce back, and is a very good position to buy and hold for a long time.

how is TRX a stablecoin?
how is USDD is a better project than LUNA when its just a doing the similar mechanisms, printing new tokens in a unsustainable amounts? I doubt that these scheme can last a year with its current APY, 500M USDD is enough to drain that collateral within a year.

Well, I think USDD is a better project than LUNA and I'm holding some USDD. Overall, it is surprising to see that TRX has been able to remain stable, even at a time when the market is experiencing such a high level of volatility, and it clearly shows that there is still a lot of support for cryptocurrency.

I believe that the hardworking team behind TRX will take the necessary actions for any of their future endeavors. I also agree that even in one of the worst market conditions, USDD can take a hit and recover on its own as it is supported not only by foundations and actually by DIP/TRX holders TOO.

Who knows, maybe in the future TRX could become the number one stablecoin in the market.

but the question is will Justin Sun really going to use his assets to bail people out from the goodness of his heart? I really dont think so, my opinion is the collateral is just to entice people to put their hard earned money while he slowly dumps USDD.
I will assume that if 300m USDD is staked then it prints around 166k USDD per day, i dont think that this will last another month. "this is a pessimistic calculation", i didnt use the 40%APY which hastens the downfall of this ponzi scheme.

Three things for discussion

First of all, Justin Sun is handling it better than Do Kwon. He does not sacrifice TRX to rescue USDD. He is spending real capital to save USDD, not minting more TRX to save USDD. If he does this like Do Kwon, both TRX and USDD will end in hell.

Secondly, we can not ignore that the algorithm for USDD algorithm stable coin is mostly similar to UST and LUNA. So there is risk to see hell again.

Lastly, this crisis does not only relate to collateral. When a bank-run happens, it does not mean only about collateral but it means everyone want to exit. Unfortunately, there is only one exit gate and the pressure of exit makes the gate become too small.

USDD was starting to depeg and justin sun was trying to add more and more collateral to prevent it. The algorithmic stable token was actually failed in this case. USDD may have the same future like UST but the thing that is better than UST was if USDD was also using stable token to backed its token and it's not fully pegged with the tron token. From there im sure that if this token is a bit sustainable compared with the UST in term of value to peg with the dollar.

No one can save Terra or the company itself. They hav dig a hole so deep that not even huge backers from crypto and non-crypto entities can get them out.

As for the predicament of USDD, I do hope that they won't collapse, the people behind should understand that they need to prevent it at all cost. They should learn from the UST debacle, they should have more reserves or at least find a liquid asset that can be hedge as a reserves for them.

Some link if someone interested.

For UST and LUNA holders the best chance might be legal. The chances for UST holders are probably much higher than for LUNA because UST was a stablecoin.
Joining legal action in case of Fatman is free for the victims.  




Legal:
Discord link to Fatman regading legal actions against LFG, TFL and Do Kwon and exchanges
https://discord.gg/k3DPgn9ds6

Some legal background information:
https://classic-agora.terra.money/t/next-steps-for-luna-ust-holders-a-detailed-analysis/22084

Fatmans twitter account:
https://twitter.com/FatManTerra


Besides the possibility to get money back from legal, there is still a small change to get a tiny portion back from LFG. They are however very quiet and the LFG reserve is very small (less than 60million i think, probably less now).

Status of UST refund from TFL/LFG:

The refund from LFG for UST holders seems to be less likely. They are probably only stalling to avoid lawsuits. LFG posted on 15.05.2022 the last time.
Do Kwon posted on 21.05.2022 the last time about the refund (collecting exchange data, refund would be in USDT and USDC)

There are newer post from Fleece Cannon, some TFL person from 12.05.2022
https://twitter.com/fleece_cannon/status/1535732353942687745


Added on 21.06.2022
Seperate singaporean lawsuit:


There is a seperate singaporean lawsuit. The first step would be an injunction against TFL, Do Kwon, ...
For the injunction the laywer fees are between 15000 to 25000 SGD (singaporean dollars) shared on a pro ratio basis on on all claimants.  Currently 1,7 million USD have signed already. With more people joining, the fee each individual gets lower.

Example: If your UST claim is 50000 USD the laywer fee would be only 2,9 percent from the fees. 2,9 percent of 25000 SGD is 735 SGD or 530 USD.

The main focus are singaporean, however other people can join as well (I am from Thailand)

You can contact the laywers directly:

You could contact directly the lawyer here https://www.drewnapier.com/Our-Lawyers/Mahesh-Rai Indicate legal name, UST amounts, date of purchase

 Who is eligible? (UST holders, UST holders pre-depeg, but sold at a loss etc) 
Anybody who bought and hold UST before May 13, no matter if they sold or not after that date 

Here is the discord link for organizing the users:
https://discord.gg/Ef9YYphAPD

its a big disappointment after all tbh, and i hope they didn't sold their bitcoin and use it to save luna and it's now for their reputation as well. Because you know obviously a lot of investors are suffering because of them so they need to do something to fix the situation, hence, if its true that they have funds that standing by, then they need to execute it immediately to save the community and their reputation, i mean no need to wait for more results.

LUNA need to beat Bitcoin marketcap to even reach the level of cents lol. There's no way unstablekwon will be able to do that. This project is officially dead.

Yesterday it was very clear that LUNA will be destroyed and will be delisted by several exchanges if the price continues to fall, and for today I am trying to find it on the Tokocrypto exchange. It turned out that it was true that LUNA was no longer there and the buyers through the exchange were very dear to this day.

The Technical team of Luna already tried  to fix the issue by merging new code last night but it didn't work out so this morning they have halted their network. I think the founder of Luna its team is committed but when we look at current supply of Luna which is in circulation stands now more than 6 Trillion due to non-stop minting of Luna coin. I don't know how they will manage to reduce this huge supply while maintaining its peg with UST. Let's hope that some miracle happens and price of Luna starts recovering.

I do not think that it is RIP just yet. I know that it looks like it is not doing well, and I have been part of plenty of algorithm based stablecoins before last year, like SBDO/BDO for example and they dropped and never recovered neither.

So, I have to say that this may not end up recovering as well and I wouldn't be shocked about it, I mean it will probably be fine but I am guessing that it will not be that much of a big deal in the end even if this falls. However, the chances are, there is a small chance it will end up winning as well and I am guessing that it may end up profiting and going back to 1 dollar again helping Luna to get back to 7-8 dollars at least as well.