Roughly 6 percent of the LUNA supply (~58 million) has been burned since February 7th.
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With UST's market cap rapidly approaching $600 million, on the way, humming, and some other fascinating Terra-based projects on the horizon, the demand for UST, and by extension, burns of LUNA will only continue to accelerate.
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Why? Arbitrageurs capture the riskless profit of minting UST by burning LUNA when there is excessive demand for UST and other stablecoins on Terra. They need LUNA to burn LUNA, which means that as demand for using Terra increases, the liquid supply of LUNA on exchanges dwindles.
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We can't project what demand for UST will be exactly, but with 6 percent of LUNA burned in 15 days by alleviating some on-chain liquidity parameters paired with an uptick in UST demand caused by Mirror -- we know demand will increase concurrently with Anchor's adoption.
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UST plays an integral role in Anchor on the demand-side, where depositors earn a low-volatility, high-yield rate by dropping UST into the protocol via a couple clicks. On the supply-side, it's basically a money market that only accepts liquid staking derivatives as collateral.
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But what if someone also responded to 's request for a proposal about building a full-scale money market/credit protocol on Terra where UST plays an integral role?
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This. I got a decent stash of BUSD I’d love to convert over
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Sir, I have a very small IQ, can you help me understand what this all means? Can we say "$10b $UST by EOY secured"?
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another 2x minting parameters change incoming right after the current one? 😀
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