- Due to the decline in Terra (LUNA) and TerraUSD (UST), VanEck and 21Shares have suspended trading of their two products on Terra-based exchanges.
- The two products affected are 21Shares’ Terra ETP (ticker LUNA: SW) and VanEck’s Terra ETN (ticker VLNA: GR).
- The two companies said they would monitor the situation together with LUNA and UST to determine the next action.
It leaked on Wall Street following a cryptocurrency market crash that could lower UST from $1 to $0.1331, and LUNA crashing from $80 to $0.00001675 almost a week ago, halting trading of two Terra-based ETPs. Until further notice.
According to report The creation and redemption of two Terra exchange-traded stock shares issued by VanEck and 21Shares halted on Friday following the collapse of LUNA and UST last week, Bloomberg reported. The two products affected are Terra ETP from 21Shares and Terra ETN from VanEck.
21Shares CEO and co-founder Hany Rashwan added that the company is monitoring the constantly evolving situation surrounding LUNA and UST. he said
We will be closely monitoring this fast-changing situation for the basics. [assets]. Currently, the Luna network is operating by generating blocks intermittently inconsistently and is not operating normally. Thus, transactions can continue in the environment where they were interrupted.
Similarly, a representative of VanEck said: next reason Why was Terra ETN trading suspended?
In the past few days, Luna has lost most of its value as a result of efforts to defend the UST peg against the dollar. Luna’s low value created problems and risks to the Terra network, which triggered the Terra Validators’ decision to shut down the network. At this point, it’s unclear when (and restarting) the network.
VanEck cannot transact on Luna via the Terra network. Therefore, it is technically impossible to accept the creation and use of the VanEck Terra ETN. VanEck will continue to provide updates as needed.