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LUNA Cryptocurrency Price Drops Over 90 Today Amid UST Stablecoin LUNA Cryptocurrency Price Drops Over 90 Today Amid UST Stablecoin

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LUNA Cryptocurrency Price Drops Over 90% Today Amid UST Stablecoin Drawdown

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On Wednesday, May 11, the algorithmic stablecoin of the Terra ecosystem – TerraUSD (UST) – continued to lose its peg to the US dollar (the most important characteristic for every stablecoin). The LUNA cryptocurrency used to issue it collapsed by more than 90%

LUNA Cryptocurrency Price Drops Over 90% Today Amid UST Stablecoin Drawdown

LUNA became the first coin in history to enter the top 10 cryptocurrencies, and today it has depreciated by 95%. Investors are actively withdrawing funds from this utility token of the Terra blockchain, due to the collapse of the main model of the ecosystem.

Terra called its goal the creation of a bridge between traditional finance and cryptocurrencies. To do this, the project has launched several stablecoins, including USD-pegged UST. The algorithm of interaction between UST and LUNA, the internal coin of the system with a floating rate, is responsible for the 1: 1 rate compliance. Because of this, UST is called an algorithmic or decentralized stablecoin.

The Anchor protocol operating on the blockchain guaranteed a return of 20% per annum for UST staking.

This model had two problems: First, Anchor’s earnings covered only 30% of the staking earnings paid out. And the second – the peg to the dollar was provided by the arbitrage algorithm, which to a certain extent depended on the demand for LUNA. Arbitrageurs could change to Terra UST at the rate of 1 to 1 with the dollar, through this utility token.

The initial reasons for the decline in UST to $0.98 and below were a sell-off in the cryptocurrency market and the actions of an unknown seller who sold a $300 million stablecoin on May 8. This was accompanied, probably on purpose, by a deliberately provoked discussion of the weakness of UST in social networks, which led to panic and significant pressure from other market participants. For a while, market makers tried to hold back the UST rate by selling Bitcoin and other crypto assets, but this did not save the situation.

LUNA Cryptocurrency Price Drops Over 90% Today Amid UST Stablecoin Drawdown

As of now, the Luna Foundation has sold all of its BTC reserves and is looking for at least $1 billion to support UST.

LUNA Cryptocurrency Price Drops Over 90% Today Amid UST Stablecoin Drawdown

On this issue, negotiations are allegedly already underway with potential investors, including Alameda. At the same time, the coin is not the only one that is experiencing difficulties – the altcoins of the Cardano and Polkadot projects, for example, lost 11.5% and 12.5% ​​of the price, respectively, against the backdrop of a falling market.

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One of the largest retail chains in India, Reliance Retail, began accepting digital rupees as part of a pilot project.

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One of the largest retail chains in India Reliance Retail

Major Indian retailer Reliance Retail has implemented support for digital rupee payments in one of its Freshpik stores and plans to expand this experience to all formats of the network.

One of the largest retail chains in India, Reliance Retail, began accepting digital rupees as part of a pilot project.

V Subramaniam, chief executive of Reliance Retail, noted that the adoption of a central bank digital currency (CBDC) is in line with the firm’s vision of providing “choice” to Indian consumers. The executive also emphasized that this initiative gives the firm the opportunity to offer an alternative payment method in its stores.

To make a purchase, customers only need to scan a QR code.

“Indians will get another efficient and secure alternative payment method” — said the top manager.

The deployment of CBDC was made possible through collaboration with ICICI Bank, Kotak Mahindra Bank and Innovative Technologies.

Plans for the country’s CBDC were laid out by the Reserve Bank of India (RBI) on October 7, 2022. The country’s central bank has identified various factors, including the potential positive and negative impact of the digital rupee on the country. According to the RBI, one of the motivations for creating a CBDC is to reduce the operating costs of managing cash.

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Overtaken by TikTok: ChatGPT has become the fastest growing online service in the world

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Overtaken by TikTok ChatGPT has become the fastest growing online

The ChatGPT neural network turned out to be the fastest growing online service in the world. It took only 2 months to reach an audience of 100 million people a month, Reuters reported. A similar figure for TikTok was reached in 9 months. The very same public version of ChatGPT was launched on November 30, 2022, and not even in all countries.

Overtaken by TikTok: ChatGPT has become the fastest growing online service in the world

Note that other online services, social networks or platforms have reached such a figure in only a few years.

Also today, OpenAI introduced ChatGPT Plus, a paid version of the chatbot for $20 per month. However, it is only available in the US and by appointment only.

And Microsoft plans to add a new GPT-4 language model to its Bing search engine, which hasn’t even been announced yet. In addition, the ChatGPT mobile application and a neural network for generating video by text queries are expected.

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A visual comparison of the sizes of cooling systems of all three Samsung Galaxy S23 smartphones with its predecessors

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A visual comparison of the sizes of cooling systems of

It seems that Samsung took into account the problems with the Galaxy S22 line of smartphones and did not repeat them in new devices when it comes to cooling systems.

Well-known insider Ice Universe has published a visual comparison of the approximate sizes of cooling systems in each flagship of the past generation and the new one.

A visual comparison of the sizes of cooling systems of all three Samsung Galaxy S23 smartphones with its predecessors

A visual comparison of the sizes of cooling systems of all three Samsung Galaxy S23 smartphones with its predecessors

As you can see, all systems have become noticeably larger, and in the younger model, instead of a graphite film, an evaporation chamber has appeared.

Whether this is enough for the new products not to overheat and not throttling so much, tests will show, but the performance, as we can already see, is really good. Recall that today we also saw a comparison of the Galaxy S22 Ultra and S23 Ultra cameras.

Ice Universe was the first to accurately talk about the new trend for smartphones with waterfall screens, about the notch in the iPhone X, about the new design of the iPhone 14 and about Samsung’s 200-megapixel image sensor.

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