Justin Sun has warned that TRON and its algorithmic stablecoin could be the next target after the recent saga with Terra and UST.
With Terra getting in the news in the past several days for its failing stablecoin, Justin Sun reassured that the TRON DAO Reserve plans to allocate $2 billion to fight potential attacks against TRX, which seems to be the next target after LUNA.
In the past week or so, all eyes in and outside the crypto community have been on Terra and its two native cryptocurrencies – LUNA and UST. Asearlier, UST, a stablecoin supposed to be pegged 1:1 with the USD, lost that peg, and its price dumped to a low of $0.2 on Binance. Since it’s an algorithmic stablecoin with new tokens issued when users burn LUNA and vice-versa, this massive crash allowed speculators to capitalize on the situation by arbitraging.
This led to a mind-blowing price drop for LUNA, which as of writing these lines, trades at $1.15. This means that the token has lost roughly 98% of its value in less than a week. Due to some similarities in how the stablecoins of Terra and TRON work , Justin Sun warned that his project could be the next target of similar attacks.
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