As the native token of Terraform labs Terra(LUNA) dropped by 100%, losing 100% of its value, many exchanges came forward to halt the trade. In a recent update, the largest cryptocurrency exchange Binance announced the delisting of the LUNA Perpetual Contract to protect the traders.
Additionally, the exchange also announced the removal of UST trading pairs such as BTC/UST, LUNA/UST, ETH/UST, BNB/UST, and UST/USDT. Along with this, the platform would also cease trading the BUSD margined perpetual contract: LUNA/BUSD effective 01:30 UTC, May 13, 2022.
In addition to this, other exchanges like eToro and Bybit also has suspended the trading of UST pairs and also delist LUNA/BTC spot pairs. With the extreme measures taken to stop the future trading of LUNA & UST, it is now expected that the price may get stabilized very soon. On the other hand, the official Twitter account of TerraUST has put up its plans to stabalize the conditions and burn UST tokens.
On the other hand, the peg protocol also proposed to reduce yield rates from 19.5% to 4% to combat the current situation. Therefore, collective efforts are being made to stabilize the LUNA & UST price and, in turn, stabilize the entire crypto space. Now, will the LUNA price get back on track?
