Indian crypto exchanges such as WazirX and CoinDCX have started delisting beleaguered token Terra (Luna) after nearly 100% fall in the digital asset in just under seven days.
Luna, which had been selling about $80 until last Saturday, was trading at $0.00002446 on Friday afternoon, a near 100 percent drop in value. During this time, the token’s market capitalization fell from around $30 billion to around $6 million.
WazirX, India’s largest crypto platform by trading volume, said on Friday morning that the Luna/USDT, Luna/INR, and Luna/WRX pairs would be delisted. The exchange stated, “We will offer Binance free transfer for users to withdraw their Luna assets.” Tether is a stablecoin, whereas WazirX is a utility token. Luna, which had been selling about $80 until last Saturday, was trading at $0.00002446 on Friday afternoon, a near 100 percent drop in value. The marketplace capitalization of the token slumped from around $30 billion to around $6 million during this period.
In a notification on Friday morning, WazirX, which is India’s biggest crypto platform in terms of trading volume, said that it will delist Luna/USDT, Luna/INR, and Luna/WRX pairs. “We will enable Binance free transfer for users to withdraw their Luna funds,” the exchange added. USDT is stablecoin tether and WRX is WazirX’s utility token.
Binance Also Delist LUNA
This comes after WazirX’s parent company Binance said on Thursday that it will delist Luna/USDT contracts after the price fell below $0.005.
CoinDCX, another cryptocurrency exchange, announced that UST and Luna would be removed from the CoinDCX app immediately. Luna has a companion currency, UST or terraUSD, which is an algorithmic stablecoin.
CoinDCX, India’s most valuable crypto exchange, said, “Kindly note that users can continue to trade the above assets utilising other trading pairs accessible on CoinDCX Pro and CoinDCX Web Platform.”
UST market capitalization tumbled from over $18 billion to less than $2 billion since last Saturday.
“The current Luna fiasco is a great learning opportunity for the global crypto community as it has revealed the weak links within the algorithm-based stablecoin ecosystem. It is important to note that Terra network is one of the most tech-savvy in the crypto industry and Terra UST is a pioneer in the algo-based stablecoin race. The LUNA crisis reiterates the fact that crypto as an asset is highly volatile and investors need to trade with caution with a long-term horizon of 2-3 years to stay profitable,” said Charles Tan, chief marketing officer at Atato, a licensed Multi-Party Computation(MPC) crypto custodian wallet.