Search results for do kwon

  • Do Kwon Proposes Terra Hard Fork, Airdrop To TerraUSD, LUNA Holders

    Terra (CRYPTO: LUNA) founder Do Kwon has proposed a blockchain hard fork to revive the project’s ecosystem. What Happened: In an announcement on Monday, Kwon put forward a governance proposal to fork Terra into a new chain without an algorithmic stablecoin. See Also: WHAT IS FORKING IN CRYPTOCURRENCY? The new chain will be called “Terra” with the native token LUNA, while the old chain will be dubbed “Terra Classic” and will continue to exist with TerraUSD (CRYPTO: UST) and the token Luna Classic (LUNC). The new LUNA token will be airdropped to LUNC stakers, holders, residual UST holders, and essential app developers. As per the proposal, Terraform Labs’ wallet will also be removed from the airdrop to make Terra a fully community-owned chain. Earlier in the day, Terra confirmed that it has just 313 Bitcoin (CRYPTO: BTC) left out of the 80,000 BTC that had been acquired for its reserves, having sold the vast majority when attempting to restore UST to its peg. 1/ As of Saturday, May 7, 2022, the Luna Foundation Guard held a reserve consisting of the following assets: · 80,394 $BTC · 39,914 $BNB · 26,281,671 $USDT · 23,555,590 $USDC · 1,973,554 $AVAX · 697,344 $UST · 1,691,261 $LUNA — LFG | Luna Foundation Guard (@LFG_org) May 16, 2022 At the time of writing, the Luna Foundation Guard (LFG) still had $383 million worth of cryptocurrency in its reserves. These funds will be used to compensate the existing LUNA and UST holders, along with key members of the Terra ecosystem, in the blockchain’s planned airdrop. The Terra community will participate in a governance vote on May 18 to determine the outcome of the blockchain. Industry proponents like Binance CEO Changpeng Zhao and Dogecoin (CRYPTO: DOGE) creator Billy Markus have previously voiced skepticism about forking the Terra blockchain as a way to restore value to the ecosystem. oh wow. impressed. just to +1, the plan is actually fucking stupid, the only way it works is for a massive amount of even stupider people want to throw their money in a dumpster fire to save one of the dumbest things to ever happen in crypto — Shibetoshi Nakamoto (@BillyM2k) May 14, 2022 Photo courtesy: Terra © 2022 Benzinga does not provide investment advice. All rights reserved.

  • Do Kwon Wants to Fork LUNA's Blockchain to Make 'Terra Classic'

    Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.

  • Do Kwon wants to fork the Terra blockchain as part of revival plan

    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.

  • As Terra (LUNA) And Its Stablecoin Went Into Flames Last Week, Rival Project Dissed By Founder Do Kwon Struck 29% Gains

    The governance token of MakerDAO and Maker Protocol, Maker (MKR), emerged as the top gainer last week. The two protocols, based on Ethereum (CRYPTO: ETH), allow for the issuance and management of the DAI (DAI) stablecoin. Top Gainer of Week Ending May 16, 2022 (Data via CoinMarketCap) Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High Maker (MKR) +29.4% $6,339.02 On Apr 17, 2021 -75.7% See Also: How To Get Free NFTs Maker Shines As Terra USD (UST) Loses Its Peg Maker appreciated last week as TerraUSD (UST) lost its peg to the dollar. The loss of the peg subsequently led to the erosion of the market price of Terra (LUNA) as well.  On March 23, Luna co-creator Do Kwon had tweeted that DAI would die by his hand.  Screenshot of Do Kwon's DAI Will Die Tweet — Courtesy Twitter The tweet by the Luna Co-creator has not aged well and was being mocked by users on the Jack Dorsey-led social media platform. — deep (@mrdistortion_) May 11, 2022 I’m waiting for Do Kwon’s next interview where he can apologize to the people for being arrogant and tweeting shit like “DAI will die his hands”. People have lost billions for believing in him. No matter the recovery because damage is already done. — Ash WSB (@ashwsbreal) May 11, 2022 While DAI traded at $1 at press time, UST was down 14.6% over 24 hours at $0.17. MKR ended the week 29.4% higher at $1,516.36 and was up nearly 0.3% over 24 hours preceding press time. The token's weekly gains exceeded those of Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE). Ethereum co-creator Vitalik Buterin said before the collapse of UST that DAI was among the only three stablecoins “that we really need.” Maker On The Web Maker said on Twitter over the weekend that they executed 90 liquidation auctions this week, allowing the protocol to cover 12.2 million DAI in risky debt.  During this week, the Maker Protocol executed 90 liquidation auctions, allowing the protocol to cover 12.2 million Dai in risky debt. You can follow all these liquidations in real time through the @MakerDAO_SAS bot, designed by the Sidestream Auction Services Core Unit. — Maker (@MakerDAO) May 13, 2022 The project behind DAI said that there are 2.2 billion USDC and 488 million USDP ready to “work as permissionless liquidity” for the stablecoin. “Liquidity is very important when it comes to supporting the peg during stressful times,” said Maker in a Twitter thread. However, there are still 2.2 billion USDC and 488 million USDP ready to work as permissionless liquidity for Dai. Liquidity is very important when it comes to supporting the peg during stressful times. 15/ — Maker (@MakerDAO) May 12, 2022 Read Next: Where Is Terra's (LUNA) Bitcoin Reserve Now? © 2022 Benzinga does not provide investment advice. All rights reserved.



  • This Week on Crypto Twitter: Do Kwon Takes Heat for UST Failure

    Twitter was chaos this week as Terra’s two leading projects collapsed in unison.

  • Police Report Filed Against Do Kwon Amid LUNA Crisis

    A Reddit user disclosed that a police report has been filed on behalf of 1,000 ... Read More... from Police Report Filed Against Do Kwon Amid LUNA Crisis The post Police Report Filed Against Do Kwon Amid LUNA Crisis appeared first on Crypto News Land.

  • Terra's Do Kwon 'Heartbroken' Over UST Collapse, Doge's Billy Markus Tells Him To Leave The Industry

    In a recent Twitter post, Terra (CRYPTO: LUNA) founder Do Kwon has said that he is “heartbroken” about his creations losing all of their value this week. Founder of the Terraform Labs, Kwon, said he spent the last several days calling various community members about the tokens’ losing their value. 1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you. — Do Kwon 🌕 (@stablekwon) May 13, 2022 Responding to his tweet, Dogecoin (CRYPTO: DOGE) co-founder Billy Markus said that Kwon should stop bringing more crypto market issues and leave the industry forever.    my recommendation is to stop trying to bring in new victims to fund the previous victims and leave the space forever — Shibetoshi Nakamoto (@BillyM2k) May 13, 2022 Also Read: Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco Luna was trading at $120 towards the beginning of April. However, it has collapsed this week and traded at $0.0003795 on Sunday.  Kwon previously mentioned his revival plan and spoke about distributing ownership in the network across UST and LUNA holders.  5/ There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are: — Do Kwon 🌕 (@stablekwon) May 13, 2022 He said that 40% percent of the new tokens would be distributed to Luna holders before the de-pegging event, and the remaining 20% will be allocated to Luna holders at the final moment of the chain halt and the community pool. Kwon mentioned that the network needs to be reconstituted to preserve the vast ecosystem of developers. He said that the entire system had witnessed total demise. Now, the network has to be built back up from scratch. Kwon aims to incentivize existing members not to abandon the project completely. Photo: Do Kwan, Terra site video screenshot © 2022 Benzinga does not provide investment advice. All rights reserved.

  • Do Kwon Finally Breaks His Silence After LUNA And UST Demise

    Do Kwon posted three Tweets regarding the demise of the LUNA token. Kwon also revealed how he plans to revive ...Read More...

  • Terra’s Do Kwon Announces UST Recovery Plan

    Terra’s stablecoin UST and LUNA have dropped as low as $0.19 and $0.002, respectively. CEO ... Read More... from Terra’s Do Kwon Announces UST Recovery Plan The post Terra’s Do Kwon Announces UST Recovery Plan appeared first on Crypto News Land.

  • Do Kwon Says He's 'Heartbroken' Over Terra Demise

    Terra co-creator Do Kwon insisted that he didn't profit over the collapse of the network's LUNA cryptocurrency and UST stablecoin.

  • Do Kwon says he is ‘heartbroken’ in new statement, claims no UST or LUNA sold during crisis

    Terraform Labs co-founder and CEO Do Kwon broke his social media silence early Friday evening with a trio of tweets about the collapse of Terra's LUNA token and associated stablecoin, UST. The post Do Kwon says he is ‘heartbroken’ in new statement, claims no UST or LUNA sold during crisis appeared first on The Block.