TerraUSD Briefly Loses $1 Peg, Instagram To Support Ethereum, Solana And Polygon NFTs, Bentley University Accepts Crypto For Tuitions

TerraUSD Briefly Loses $1 Peg

Terra’s native stablecoin, TerraUSD (UST), the third-largest stablecoin, briefly lost its peg, trading at $0.98 on Sunday. This occurred because of the selling-off of $300 million worth of UST tokens on Curve, a decentralized finance platform, and Binance, a cryptocurrency exchange. Terra’s governance and staking token, LUNA, fell 14% in twenty-four hours.  

Stablecoins such as USDT and USDC are pegged to the U.S. Dollar by holding actual U.S. dollar reserves. TerraUSD, on the other hand, maintains its peg through an algorithmic incentive mechanism using its sister token LUNA. LUNAtics, also known as the Terra Community, labeled the de-pegging event as a coordinated attack.

Do Kwon, founder of Terra Luna, responded in a series of tweets, saying that he loved chaos. He made light of the event in a Twitter thread, “Those of you waiting for the earth to become unstable - I'm afraid you will be waiting until the age of men expires,” he tweeted. 

Instagram to support Ethereum, Solana, and Polygon NFTs

According to CoinDesk, Instagram, Meta’s photo and video sharing social network, will pilot non-fungible token (NFT) integrations for Ethereum, Polygon, Solana, and Flow, as soon as Monday. The pilot will feature a small group of top-tier NFT projects from the United States.  

Instagram intends to support popular web3 wallets such as MetaMask. Upon connecting their wallets, users will be able to authenticate ownership of the NFTs, use them as profile pictures, and tag their creators. Instagram confirmed that users will not be charged a fee for displaying their NFTs. 

Bentley University Accepts Crypto for Tuitions

Bentley University in Massachusetts, United States, is partnering with the cryptocurrency exchange Coinbase to accept Bitcoin, Ethereum, and USD Coin, for students to pay their tuition. It will be one of the first universities to offer the option to pay for tuition using cryptocurrency.

The university is also planning to accept gifts and donations in Bitcoin, Ethereum, and USD Coin. Bentley University is a private university focused on business. It was founded in 1917 as a school of accounting and finance.

The university will also launch a new crypto finance course focused on blockchain application and decentralized finance. “Students have a real interest in knowing more about blockchain, decentralized finance, and cryptocurrency investments,” says Alex Kim, a student at Bentley and founder of the Bentley Blockchain Association.

Written by Lindi Miti © Crypto University 2022