LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here's Why

Many crypto giants including Binance CEO, CZ had earlier expressed their disapproval over the Terra forking plan. Do Kwon has however decided to take the lone path by putting forward a proposal for the same.

Timeline of Terra-luna

An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain's LUNA and the de-pegging of the UST stablecoin vindicate the Asian country's decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the

Terraform Labs CEO and co-founder Do Kwon has announced forking the Terra network into a new chain. 3/ Currently, these key precepts underpin most schools of thought:– The #LUNAtic community is unparalleled in its passion– The builder talent pool is broader and deeper on Terra than most ecosystems– Terra's blockchain is incredibly robust, as attested …

Following the cataclysmic meltdown of the Terra ecosystem last week, the Luna Foundation Guard (LFG) has been accused of bailing out UST whales with its bitcoin trove before the project came crashing down. The LFG had allegedly allowed select UST holders and insiders to cash out their UST positions worth approximately $2.7 billion at close to $1 before the digital asset fell to less than 10 cents, leaving retail investors scratching their heads in losses.

The fork, proposed today on a Terra discussion forum, would create a new Terra chain and the original would become 'Terra Classic.' The post Do Kwon wants to fork the Terra blockchain as part of revival plan appeared first on The Block.

On Monday (May 16), Do Kwon, Co-founder and CEO of Terraform Labs — as well as a director at Luna Foundation Guard (LFG), put up a new proposal up for a governance vote on May 18 (“Asia time”). According to this new proposal, “while UST has been the central narrative of Terra's growth story over the last year,

Just recently, the product comparison platform finder․com polled 36 fintech specialists about the cryptocurrency terra (LUNA) before terrausd (UST) lost its parity with the U.S. dollar. According to the poll, Finder's experts predicted LUNA would be $143 before the end of the year. Currently, LUNA is worth far less than a U.S. penny and while

The Binance exchange didn't sell its 15.4 million LUNA tokens and was previously worth $1.6 billion but now they are worth only $2461 so let's read more today in our latest Binance news. The CEO Changpeng Zhao said the Binance exchange didn't sell the LUNA holdings that it received in return for a $3 million

Binance's Changpeng Zhao (CZ) has said the exchange supports the proposal to compensate retail LUNA users ahead of larger investors. He also said the LUNA tokens received by Binance in exchange for a $3 million investment in Terra have not been sold or moved. Binance's LUNA Tokens Not Sold After his exchange faced criticism for

Polygon offers a helping hand to Terra blockchain projects to get back on their feet after the recent events so let's read more about it in today's latest blockchain news. Plenty of other developers were left in uncertainty after the aftermath of the Terra collapse.

Last week saw chaos in the cryptocurrency market due to the unprecedented crash of Terra's UST stablecoin and LUNA. The crash resulted in traders debating about the trustworthiness of stablecoins, the latest being DEI price.