Do Kwon, CEO of Terraform Labs, has pledged to work with users to solve the crash crisis of UST and LUNA. The rapid crash of the Bitcoin price lowered the UST price to $0.65 and then as low as $0.30. The LUNA price, on the other hand, dropped more than 99% to as low as $0.04.
An absorption plan has been announced for the re-peg of the failed stablecoin UST. This plan is based on increasing LUNA's daily minting capacity.
Do Kwon used Bitcoin reserves instead of the USD to stabilize the price peg of the UST. Do Kwon often mocked his critics on the subject. Terra was the largest stablecoin smart contract platform in the market, but now its investors have lost 99.9% of their investments.
