{"id":536,"date":"2022-05-13T19:35:51","date_gmt":"2022-05-13T19:35:51","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/05\/13\/astra-protocol-cryptos-panacea\/"},"modified":"2022-05-13T19:35:51","modified_gmt":"2022-05-13T19:35:51","slug":"astra-protocol-cryptos-panacea","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/05\/13\/astra-protocol-cryptos-panacea\/","title":{"rendered":"Astra Protocol – Crypto’s Panacea"},"content":{"rendered":"
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ZURICH, SWITZERLAND \/ ACCESSWIRE \/ May 13, 2022 \/ <\/strong>Cryptocurrencies have been decimated over the last 48 hours, sending shock waves through the community. Many people have lost life-changing amounts of money as Bitcoin, Ethereum, Solana, BNB, and other popular coins fell in price. Nearly $1 trillion has been wiped from the market in one month. Crypto has shown its resilience before, and it will undoubtedly do so again. We at Astra Protocol<\/u><\/a> are pro-crypto and want the ecosystem to thrive. We need tighter rules, but it must be done with care as it is a new market. Regulators are positioned to use heavy tactics, poised to stunt the recovery. Astra Protocol is the solution the industry needs. Astra is the balance between regulation and decentralization.<\/p>\n

TerraUSD (UST) from Terraform Labs was the biggest algorithmic stablecoin with more than $18 billion in market capitalization until around five days ago. Now it is sitting at just under $2 billion at the time of writing. As a stablecoin, its value should be close to $1, but it started to lose its peg to the dollar on Saturday and then fluctuated wildly. This morning it plummeted to around 20 cents. Luna, the sister cryptocurrency of UST, has gone from $80 to almost $0 in a matter of days, having a devastating effect on thousands of people. Do Kwon, the CEO of Terra creator Terraform Labs, has come under fire for failing to address the situation adequately and going silent when more needed to be done to avoid this catastrophe. Algorithmic stablecoins have always been controversial, and this latest event is a sign of their vulnerability. Now is the time to act. While some continue to resist, it is clear that better regulation would prevent the likes of UST and Luna from having such a grip on the market. We at Astra Protocol strongly believe that improved consumer protection is needed, and we have the technological and legal backing to make the necessary changes.<\/p>\n

Tether is another vital component of the digital asset economy. It is, in theory, safer than UST as it is backed by assets (UST usually maintains its $1 peg through an arbitrage mechanism that rewards traders for keeping the token at one dollar). On occasion, trading volumes of Tether can be double or triple that of Bitcoin. On Thursday, USDT\u2019s price dropped to around 95 cents, the most significant deviation in over two years.<\/p>\n

As their name suggests, stablecoins, such as Tether and UST, are usually stable and don\u2019t fluctuate away from $1. Traders use these coins to exchange for payments, trading, lending, and other DeFi-related activities, all based on blockchain. When these coins fluctuate, it has a devastating effect on the entire crypto market.<\/p>\n

The company responsible for Tether has come under fire from regulators for being unclear about its reserves. Based in the British Virgin Islands, the group issues a quarterly \u201cassurance opinion\u201d from an auditor that describes what assets are backing the coin. Although the assurance opinion suggests that Tether is fully backed, some are concerned that not all the reserves are reliable. Tether has previously had to pay $41 million to the Commodity Futures Trading Commission (CFTC) for misstating its holdings.<\/p>\n

Since its inception, Astra Protocol has been designed to bridge the gap between regulators and innovation. Many feel that a lack of transparency in certain areas is holding cryptocurrency back. It is well documented that regulators have begun clamping down on digital asset service providers to get more clarity over crypto transactions and prevent money laundering and terrorist financing. But clearly, there is a need for a technology platform to assist authorities with their tasks so that stablecoins remain stable in the future. With its patented technology and Decentralized Legal Network (DLN) backed by major global firms, Astra Protocol is perfectly positioned to provide the help needed to ensure crypto bounces back quickly and continues to flourish.<\/p>\n

About Astra Protocol<\/strong><\/p>\n

Based in Zurich, Switzerland, Astra Protocol<\/u><\/a> is building a decentralized compliance layer for the web3 economy. Its founding team of technology visionaries has been active in the blockchain space since 2013, investing in patents and scaling businesses in sectors spanning from gaming to the biomed space.<\/p>\n

Media Contact:<\/strong><\/p>\n

Aaron Ali
[email\u00a0protected]<\/span><\/p>\n

SOURCE: <\/strong>Astra Protocol<\/p>\n

View source version on accesswire.com:
https:\/\/www.accesswire.com\/701329\/Astra-Protocol\u2013Cryptos-Panacea<\/a><\/p>\n

<\/p>\n

ZURICH, SWITZERLAND \/ ACCESSWIRE \/ May 13, 2022 \/ Cryptocurrencies have been decimated over the last 48 hours, sending shock waves through the community. Many people have lost life-changing amounts of money as Bitcoin, Ethereum, Solana, BNB, and other popular coins fell in price. Nearly $1 trillion has been wiped from the market in one […]<\/p>\n","protected":false},"author":1,"featured_media":537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=536"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/537"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}