Daily News (May 16)

24-Hour Crypto Prices:

BTC – $30,588.50 +2.1% πŸ“ˆ

ETH – $2,081.94 +2.1% πŸ“ˆ

BNB – $302.73 +3.2% πŸ“ˆ

Top Crypto Gainers:

AR – $18.57 +20.7% πŸ“ˆ

OSMO – $1.74 +15.4% πŸ“ˆ

ATOM – $12.04 +14.3% πŸ“ˆ

Top Crypto Losers:

LUNA – $0.00026622 -29.4% πŸ“‰

UST – $0.1591 -29.7% πŸ“‰

MANA – $1.25 -1.6% πŸ“‰


Binance CEO Changpeng Zhao believes attempts proposed to fork the Terra blockchain won’t work. Zhao’s answer came as a response to Do Kwon after the CEO of Terraform Labs proposed a revival plan for Terra. Kwon pitched distributing 1 billion tokens to stakeholders after forking the Terra blockchain. Zhao doesn’t believe a fork would add value and questioned why the Luna Foundation Guard hadn’t used all of the remaining Bitcoin reserves to buy back UST.  


Last Wednesday, Kava Labs decentralised stablecoin USDX lost its peg to the dollar. USDX dipped to $0.54 on Wednesday and is currently trading for $0.80. Developers Kava Labs believes that USDX lost its peg because of its exposure to the collapsed algorithmic stablecoin UST. Users could mint USDX with collateral backing from UST, along with other assets including kava, cosmos, wrapped bitcoin and ether. 


Lido Finance warns that staked Ethereum, or stETH, holders that the token’s peg to Ethereum had slipped. On Friday, Lido tweeted that the discount on stETH was 4.2%. Currently, 1 ETH can be exchanged for 1.0172 stETH through Curve.  


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