The collapse of Terra’s ecosystem — namely, native coin LUNA and algorithmic stablecoin TerraUSD (UST) — rocked the wider blockchain and cryptocurrency ecosystem. Not only did Terra-ecosystem tokens (such as Anchor’s ANC) collapse in value, but the widespread fear, uncertainty and doubt sent market-leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) below $27,000 and $1,800, respectively, on some exchanges.
As of the time that I’m writing this article, the cryptocurrency market still hasn’t recovered — even if Terra’s contagion has been mostly contained.
Lennix Lai is the managing director of OKX. He leads the business strategy and operations for OKX, internationally. Before joining OKX, Lennix served at JP Morgan, AIG (NYSE:AIG) and Cash Financial Services Group. With 15 years of experience in the worlds of financial services and fintech, Lennix plays a key role in OKX’s transformation from a standard centralized exchange into the largest hub for DeFi services, nonfungible tokens and blockchain gaming — as well as crypto trading.
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