The Terra Network has 3 coins: UST, LUNA, and ANC. The ecosystem has adopted UST as a stablecoin, leading to the interlinking of LUNA and UST. The recent crypto market crash started when the Terra ecosystem faced a huge selloff of the UST tokens and the token fell below their $1 peg.
This destabilizing incident within the Terra ecosystem caused fluctuations in the value of some of the other crypto tokens. All of these clubbed together to cause the drastic crypto market crash of 2022.
Reasons for delisting Luna, UST, and ANC tokens on CoinDCX
Given the destabilizing behavior of Terra, where the network did not anticipate the happening of such a huge sell-off, it did not continue compatibility with the 7M Model of CoinDCX.
Similar to Terra (LUNA), the ANC price also crashed due to the investor’s loss of confidence in UST and the Terra ecosystem as a whole. Being a lending protocol on the Terra network, Anchor pays out a yield of up to 20% to UST depositors through yield reserves. But as a result of the UST de-pegging, ANC tokens also faced a huge drop in their value.
Additional Read: What should Investors do during Crypto Market Crash
Way forward for the remaining LUNA, UST, and ANC holdings
Since the token has been delisted from the CoinDCX app, the token balance will not be visible to users. However, the user will be able to view their token balance in CoinDCX Pro (both app and web). Please access CoinDCX Pro or log in to CoinDCX account via the web to view the token balances.
Liquidating LUNA and UST is not possible for us at this point as our partner exchanges have delisted all possible pairs of LUNA and UST. Few pairs, namely, ANC/BTC, ANC/BUSD, and ANC/USDT are trading on CoinDCX Pro and Web for a limited time. Users who wish to liquidate their holdings may place orders on these pairs to convert their balances to other pairs.
NOTE: This is subject to our partner exchanges delisting these pairs.
Will Luna, UST, and ANC get relisted on CoinDCX?
The future of these tokens is uncertain and if the users choose to keep their holdings, CoinDCX will not be held liable for any compensations in the event of a complete delisting. If the token is ever relisted, the user’s token balances will still be visible.
The Terra blockchain has been taken down by the company/foundation for now and it is not clear if the blockchain would start again or if there is any possibility of a restart. There is a risk of an indefinite shutdown too in this case. The relisting and the future of the ANC token are uncertain and thus unknown.