Crypto News: Terra (LUNA): Is the $0 crash inevitable ?

Luna and its ecosystem are experiencing a descent into hell as rarely seen in recent hours. After the Depeg of the UST, the in-house stablecoin, it is the LUNA token which is experiencing a resounding fall and which seems to be endless…

The fall continues for Luna

The depeg of the UST, the stablecoin of the UST of the Terra ecosystem was the first blow for this flagship project of the crypto sector. The algorithmic stablecoin has not yet recovered its value of $1 and appears to be in serious trouble. The token is currently trading around $0.5 having seen a drop to $0.30.

Strongly impacted by this news, it is the native token of the ecosystem, the LUNA , which in turn stalls in a very violent way. Luna was one of the best performing projects of 2021 with an ATH around $116 in April 2022.

The project has just experienced a drop of more than 91% over the last 24 hours and is now trading around $2.75. The fall does not seem to be stopping and the token continues its inexorable fall, dragging with it an entire ecosystem. Terra is now only the 57th market capitalization after being in the top 10 for many weeks.

Faced with this avalanche of bad news, the founder of the Do Kwon project published a thread this Thursday to try to reassure the community. It indicates in particular that reflections will be carried out and that an adjustment of the collateralisation would be envisaged. These announcements did not reassure the market and the selling pressure does not seem to be fading on the LUNA.

Many jokes are currently circulating on the networks, mentioning that LUNA might reach $1 with the stablecoin UST…

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DefiCoin, the growing alternative

Unlike LUNA, the DEFC does not seem to be impacted by the general fall in cryptos. Indeed, DeFi Coin (DEFC) is a project in the field of decentralized finance (DeFi). DeFi Coin was launched on May 10, 2021 and has since continued to grow at breakneck speed.

One of the major milestones has just been launched: DeFi Swap , the project’s decentralized exchange. DEFC is the native token of DeFi Swap and the token has seen a nice rise for the past few days following this launch.

This exchange aims to offer an alternative to leaders such as PancakeSwap or UniSwap. The idea is to be able to provide liquidity, exchange tokens, all without going through a centralized exchange like Binance, FTX or Crypto.com.

From all-time low to high, DEFC was up around 500% . There is also a considerable increase in trading volume, symbolizing the influx of new investors to DeFi Coin. As of this writing, DEFC is trading at $0.47 on PancakeSwap, with daily volume of $28.39,000.

How to buy DEFC Defi Coin?

If you want to invest in DEFC, here is the procedure to follow.

Step 1: Go to Pancakeswap

To buy the DeFi token from Pancakeswap, you must first visit Pancakeswap .

pancake swap defc

Step 2: Connect the wallet

To buy the DEFC token, you need to connect a wallet to Pancakeswap. The connection of the wallet works simply via the button  “Connect a wallet”.

After clicking this button, you will be able to select the wallet to connect. Wallets from MetaMask or TrustWallet, among others, can be connected here. To connect the wallet, you will only have to follow the requested steps.

See also  Crypto News : Can the Price for Terra LUNA comeback ?

Step 3: Buy DEFC tokens

After successfully connecting the wallet, you will be able to buy DEFC tokens on Pancakeswap. The easiest way to buy remains through an exchange with BNB. Therefore, to be able to buy DEFC, it is better to have WBNB in ​​your wallet. You can easily buy BNB through Binance.

For BNB and DEFC exchanges, you will need to click on the  “Trade  button . In the next step, a window appears on the right side in which the purchase data must be entered. Here you can select “BNB” at the top and “DEFC” at the bottom . This means that the BNB is exchanged for the DEFC token.

All you have to do is enter the desired amount of WBNB to exchange for the DEFC token. The purchase is now made by clicking on the  “SWAP” button.

In any case, one thing is certain, the future will tell us if the UST, the LUNA and the Terra ecosystem manage to get out of this catastrophic situation. Many observers agree that this is one of the biggest shipwrecks seen in the young crypto ecosystem. A useful reminder that each project involves a significant amount of risk.

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SAKHRI Mohamed
SAKHRI Mohamed

The blog of a computer enthusiast who shares news, tutorials, tips, online tools and software for Windows, macOS, Linux, Web designer and Video games.

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