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Pantera Capital cashed out 80% of its Terra investment before UST crash

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Pantera Capital, one of the high-profile backers of Terraform Labs, cashed out nearly 80% of its Terra (LUNA) investment well before TerraUSD (UST) collapsed last week. “The market has been fairly frothy over the last year and thus we’d exited the majority of our position before any of this happened,” Joey Krug, co-chief investment officer at Pantera Capital, told The Block. “Roughly 80% over the last year, fairly gradually over time.” Pantera Capital invested at least twice in Terraform Labs …

Celsius pulled half a billion dollars out of Anchor Protocol amid Terra chaos

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Crypto lending business Celsius had at least half a billion dollars of funds parked in Anchor Protocol but appears to have pulled all of it out over a frantic 24 hour period earlier this week.  Wallets controlled by Celsius sent at least 261,000 ETH ($535 million at current prices) to Anchor Protocol over the past five months, according to analysis conducted by The Block Research and Hoptrail, a blockchain data firm. The same analysis and comments from a person close …

Anchor contributors consider cutting UST yield to 4% from 19.5%

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Contributors to the Terra-based Anchor Protocol have proposed reducing to 4% a yield of 19.5%  on terraUSD (UST) deposits in an effort to make its yield reserves more sustainable.  The governance proposal is now undergoing a community vote, and comes at a time when the UST stablecoin has been struggling to maintain parity with the US dollar. The algorithmic stablecoin is currently trading at about $0.50, half of its supposed dollar value.  The crisis surrounding UST’s dollar peg has seen …

Terra’s dominant DeFi protocol may need another bailout soon

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Quick Take A failsafe reserve used by high-yield lending protocol Anchor Protocol has declined by over 43% in the last month. The protocol is hoping to try to find an equilibrium to stay afloat but it may need another influx of cash. This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

Fireblocks adds support for Terra as institutional demand grows

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Crypto services provider Fireblocks has added support for the Terra blockchain on its platform as institutional demand for decentralized finance (DeFi) grows. The company said it’s the first to provide Terra access to institutional customers, meaning its clients can now access Terra-based DeFi apps such as lending protocol Anchor and liquid staking protocol Lido. Terra support comes in response to “record-breaking demand” from customers of its early access program, the company said today. The program is for Fireblocks clients who …