Market Wrap: Bitcoin Stalls Below $40K, Analysts Point to Risks in DeFi
LUNA, Terra’s native token, was down as much as 10% during the past 24 hours due to yet another scandal. LUNA is on Abracadabra, a DeFi lending platform run by Sestagalli. LUNA was partly created for issuing stablecoins. The reserves of Terra-based lending and borrowing protocol Anchor, which offers a supposedly industry-beating benchmark deposit rate of around 20%, are also sliding fast as a result of the crypto market crash. Read more here.