Terra's Tendermint Touch — Cosmos-Based Token Economy Hit Hard by LUNA's Demise

Since last week's Terra implosion and the demise of the blockchain project's native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost

Timeline of Cosmos, Terra-luna

The Terra disaster has led the largest cryptocurrency exchanges to delist the LUNA and UST tokens. But DeFi exchange WOO network sought to go against the grain by relisting LUNA, which it did on Monday.

Terra suffered a spectacular collapse after its UST stablecoin lost its peg to the dollar last week. Crypto Briefing tells the full story of the troubled blockchain's rise and fall.

The Terraform Labs mastermind Do Kwon (real name Kwon Do-hyeong) could be facing trouble from financial and law enforcement authorities in South Korea and Singapore as a torrid month for the Terra (LUNA) platform just keeps getting worse.

SEC Chair Gary Gensler on Monday said the crypto market needs more regulation to protect investors from projects like Terra. Gensler blames crypto trading and crypto wallet platforms for not disclosing information making investors lose hard-earned money such as in the case of LUNA and UST.

Another Terra (LUNA) ecosystem revival plan by Terraform Labs (TFL) CEO and Co-founder Do Kwon seems to have the support of at least some Terra developers, while trust issues still pose serious challenges to this plan.

European officials have called for immediate regulation of crypto in light of the Terra-led market crash. The post Terra Meltdown Concerns European Officials; Calls for Legislation Renewed appeared first on BeInCrypto.

Terra's recent crash appears to have undermined investor confidence in other major layer-1 (L-1) blockchains, data shows. The blockchain's value imploded in the first two weeks of May, and is now trading at a fraction of the billions it was initially valued at.

Activist investor Bill Ackman weighed in on the recent Terra crisis, calling the protocol a crypto version of a pyramid scheme. Ackman's comments come in wake of the Terra blockchain losing most of its value in the span of a few days, as the de-pegging of its UST stablecoin cause a massive bank run.

ATOM has so far rallied by more than 30% from its latest local low. The cyptocurrency extended its downside during last week's cryptocurrency market crash, and the healthy recovery might be a sign of things to come.

Luna Foundation Guard CEO, Do Kwon, has released a new proposal entitled “Terra Ecosystem Revival Plan 2.” In it, he has outlined an updated version of his original plan, which described forking the current Terra blockchain from a snapshot taken before the ‘attack.