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Terra contagion leads to 80%+ decline in DeFi protocols associated with UST -Breaking

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Terra contagion causes a drop of 80%+ in DeFi protocols related to UST

The ripple effect from the fall of (LUNAOn May 11, a wide range of cryptocurrency markets saw the TerraUSD (UST), stablecoin, and ). Projects that have any sort of connection to the DeFi ecosystem had seen their prices drop.

Forced selling of (BTCUST) held by a small amount of BTC contributed to the current decline in BTC to $29,000. Analysts fear that DeFi platforms which have liquidity pools primarily made up of UST/LUNA will also collapse.

USDT Pairings: LUNA/ANC, ASTRO, MARS and ASTRO 4-hour chart. Source: TradingView
ATOM/USDT vs. KAVA/USDT vs. MIR/USDT vs. OSMO/USDT 4-hour chart. TradingView
MKR/USDT 4-hour chart. Source: TradingView