Crypto Startup Attempts to Recover From Luna Disaster
2022.05.21 12:51
Crypto Startup Attempts to Recover From Luna Disaster
- Stader Labs was one of the firms affected by the LUNA and UST crash.
- The ecosystem may be restored ff Terraform Labs can keep its developers.
- Terra’s implosion underscores the ability of crypto sectors to quickly pivot after a big shakeout.
Stader Labs, a Bengaluru-based company that develops software for cryptocurrency trading and analysis, was one of the many crypto firms caught up in the Terra (LUNA) and UST crises.
Stader has created a profitable business by providing a platform for staking, in which token holders allow their tokens to be used to help verify transactions on a blockchain in exchange for a return on their investment. Almost all of that revenue came before the fall of Luna, which, like TerraUSD, ran on the Terra blockchain and hit an all-time high in early April.
When TerraUSD (UST) fell from its 1-to-1 peg to the US dollar this month, it dragged Luna down, affecting Stader’s company. According to data from industry analyst DeFi Llama, the total value bound on its …
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