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Benzinga
Benzinga
Business
Adrian Zmudzinski

Avalanche Falls 40% As AVAX Finds Itself In The Midst Of UST's Unpegging

AVAX UST Luna Foundation Guard

The token of smart contract platform Avalanche (CRYPTO: AVAX) is now paying the price of enjoying being one of the assets locked as collateral to maintain the peg on Terra's (CRYPTO: LUNA) native algorithmic stablecoin TerraUSD (CRYPTO: UST). Just today, the token's price fell from its 24-hours high of $47.20 down to under $28 — a fall of nearly 41% in mere hours.

What Happened: Earlier on Wednesday, Terra's price fell by more than 97% as UST lost its peg to the dollar and Luna Foundation Guard — the non-profit backed by TerraLabs tasked with protecting UST's peg — emptied its cryptocurrency reserves in a futile attempt to stop the freefall, as reported by Cointelegraph.

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