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Newsflash: a statement on current market conditions affecting UST

We wanted to share an update on the current situation affecting the Terra blockchain’s UST stablecoin, and what it means for

Key takeaways

  • At the time of writing, Terra’s UST stablecoin is suffering from a depeg event due to intensified market selloffs.
  • As currently uses UST to capture yields in Anchor Protocol, we’ve decided to pause deposits.
  • Our work on developing and expanding the product is on-going.
  • You can still redeem all of your deposited funds at the rate of 1 UST = $1.

The current situation affecting UST

Over the past few days, the Terra blockchain and its native tokens, LUNA and UST, have faced intense market pressure, resulting in UST losing its peg to the dollar. Terra’s UST is an algorithmic stablecoin that aims to match the price of the US dollar. In other words, 1 UST should always be worth $1.

It aims to achieves its parity with the dollar as part of a close relationship with LUNA; UST can be minted by burning LUNA, and vice versa. Although UST has historically maintained its intended price, an intense market selloff has meant that it has lost its peg. Terra has recently posted an announcement to say that it is working towards a solution with a post-mortem to follow, but UST has not yet recovered.

How is affected

As uses the UST stablecoin to capture yields through Terra’s Anchor Protocol, the depeg event directly impacts us.

Due to the current market events, the yields available to customers via Anchor Protocol are expected to decline.

In response to UST’s depeg, we’ve decided to pause deposits in the app.

Our work on developing and expanding the product remains on-going. We will continue to monitor the market closely and will decide in the coming days whether to continue to use Anchor Protocol in the product.

If we decide to move away from using Anchor, it may be that deposits remain closed for some time while we complete the work required to update the app.

What does this mean for you?

App deposits are currently paused.

We want to confirm that you can still redeem all of the funds you deposited. Although we use UST to make deposits to Anchor Protocol, while the current market volatility continues we will continue to honour a 1 UST = $1 exchange rate for all funds deposited to

Whatever happens to Terra and Anchor Protocol, any funds you deposited in will always be redeemable, and you can withdraw at any time.

Additionally, if you bought any other tokens with us through the app, you will not be impacted. We’ll soon be offering a range of new offerings for diversifying your portfolio.

If you have any questions on the UST situation or any other issues, please do not hesitate to get in touch with us via email at

Final note

The token economy offers an entry to an exciting universe of possibilities, but the space is still in its infancy. While events such as this highlight the issues that decentralised tokens occasionally face, our belief in the world-changing potential tokens offer has never been stronger.

We will continue to explore the wider ecosystem to enhance our product and better serve the community. We’ll share further updates on our next steps as we have more information.

The team



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