Search results for terra
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.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
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.
Terra Crisis: Family Bonds Shattered, Dreams Ripped Apart
With last week’s death spiral involving the Terra collapse wiping off $40 billion worth of investors’ money, traders have been rattled. The Terra ecosystem suffered a massive blow around May 9 that resulted in (CRYPTO: LUNA) tanking 100% and the TerraUSD (CRYPTO: UST) stablecoin losing its United States dollar peg, priced at $0.00013 at the time of writing, according to data from Coinmarketcap. Benzinga spoke to a few investors who had placed their bets on Terra LUNA, most of whom were of the opinion that they have lost all hopes of any revival of their savings. Hitesh Malviya, the founder of venture capital firm iBC Capital, says he had bought LUNA at $4 a day before it got delisted and had invested an amount that he could afford to lose. “I have zero hopes of recovery as my buying price was too high. The supply has increased drastically, and even after executing the revival plan, its price cannot reach $1 again. It is, therefore, better to move on,” he added. Another investor, who lost a substantial amount, said, “It hardly matters if LUNA continues to trade or not, as it has reached a price that is nearly irreversible even if there is a miraculous recovery of the Terra network. While the token may have recovered 200% from its lows, people who invested in the range of $80-100 will never recover their losses.” He claimed to have lost 50% of his total portfolio due to investments in LUNA and said the whole fiasco should be a lesson to investors to invest in bluechip tokens like Bitcoin and Ethereum as they are safer in the long run. Another investor in his forties, who hoped to catch a falling knife when LUNA fell in the range of $3-$4, says he diluted long-term investments from other tokens saved for his daughter’s marriage and all his life savings have evaporated in a matter of 48 hours. “I have lost around Rs $19000 all of which was saved for my daughter’s wedding. My life’s biggest mistake has been to dilute money in bluechip tokens in which I was earning a decent amount with staking. I have not even told my wife about this. I absolutely have no idea what will happen when she finds out all our money is gone,” he said. Samina Haidry, another investor, too says she has reached a point of no return. “When the crypto market was down, my investment was down to one-fifth of the original investment. Luna however witnessed a crash rarely seen in crypto markets. Since this was the fourth largest crypto, I trusted and decided to sell all my coins and invest in Luna, expecting it to give huge returns. I am yet to overcome the shock of seeing my portfolio down to zero from about $5000 just a week back,” she said. Experts say that the tanking of LUNA is a black swan event, rare but plausible and investors should learn a lesson from the event. “Always understand then when we invest, we take a risk and we should be mentally prepared for that. The second - review and hedge - always. We are sometimes convinced about a particular company and go either all-in or almost all-in investing in that company. A fatal error,” Raj Kapoor, Chief Advisor at Acryptoverse, a crypto and blockchain advisory firm, says. He adds that greed is another factor investors should be wary about. “The folks who have bought Luna earlier in the year had already almost 3x by April, but they probably did not take profits hoping the black swan stock would return another few folds in the next few months,” he says. Historical data has proven that the market recovers and tends to even break new highs after enduring a bloodbath. Investors should therefore learn lessons to avoid future losses. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Polygon CEO Announces Support to Terra Projects For Migration to 0xPolygon
Polygon PoS chains are available for Terra community initiatives as per Sandeep Nainwal. Talk of Terra’s recent downfall has been
Terra (LUNA) Sold 80,000 Bitcoins In A 3-Day Span Amid Depeg-Crisis: UST Holder Compensation Coming
When TerraUSD (CRYPTO: UST) — the stablecoin integrated into the Terra (CRYPTO: LUNA) ecosystem — lost its peg to the U.S. dollar last week, Luna Foundation Guard (LFG), the non-profit backed by TerraLabs tasked with protecting TerraUSD's peg, mostly emptied its hefty reserves. What Happened: Benzinga reported earlier on Monday that after TerraUSD's unpegging, Bitcoin (CRYPTO: BTC) worth $750 million was sent from LFG to one address, shortly followed by another 30,000 Bitcoin worth $930 million sent to the same address. Now, the crypto community is asking what happened to this Bitcoin and all the other cryptocurrencies stored in the organization's deep pockets. Fortunately, a lengthy Twitter thread on Monday sheds light on this question. See Also: How To Earn Free Crypto In the thread, the Luna Foundation Guard notes that as of May 7 its reserves held nearly 80,400 Bitcoin, 40,000 BNB (CRYPTO: BNB), 26,281,671 Tether (CRYPTO: USDT), 23,555,590 USD Coin (CRYPTO: USDC), 1,973,554 Avalanche (CRYPTO: AVAX), 697,334 TerraUSD and 1,691,261 Terra. When the price of TerraUSD fell below $1 on May 8, LFG started converting its reserves to the stablecoin by directly selling 26,281,671 Tether and 23,555,590 USD Coin for a total of 50,200,071 TerraUSD. When it comes to Bitcoin, LFG transferred 52,189 Bitcoin to a counterparty, of which an excess of 5,313 Bitcoin was returned and exchanged it for 1,515,689,462 TerraUSD. Then, on May 10, TerraUSD's price fell to $0.75 and 33,206 Bitcoin were sold for 1,164,018,521 TerraUSD in an attempt to stabilize the market. On May 12, LFG also swapped 883,525,674 TerraUSD for Terra to protect the network against a governance attack that could become practical with the continuously rising number of Terra tokens in circulation. After all those actions, LFG holds 313 Bitcoin, nearly 40,000 BNB, 1,973,554 Avalanche, 1,847,079,725 TerraUSD and 222,713,007 Terra — for a total value under $91 million as of press time. LFG now plans to use those assets to compensate TerraUSD holders starting with the smallest holders first, but the reserves only cover a small portion of the money lost in the TerraUSD depegging. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
UK Department Of Treasury Rushes To Regulate Stablecoins In The Wake Of The Terrapocalypse
The United Kingdom's Department of Treasury — or Her Majesty's Treasury — is regulating stablecoins following the collapse of TerraUSD (CRYPTO: UST) which brought down major cryptocurrency Terra (CRYPTO: LUNA) with it. What Happened: Charles, the Prince of Wales, announced during the Queen's speech that Her Majesty's Treasury is introducing a bill regulating — among other things — stablecoins, according to a Saturday report from The Telegraph. See Also: How To Earn Free Crypto During the speech, Prince Charles said that "a bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow [Economic Crime and Corporate Transparency Bill]." This follows an early April tweet from Her Majesty's Treasury noting that the UK's Economic Secretary John Glen announced "that stablecoins will be brought into UK payments regulation." Why It Matters: The move shows that the United Kingdom is continuing on its path to the adoption of stablecoins despite the recent fall of UST, thanks in part to differentiating fiat-backed stablecoins and algorithmic stablecoins such as TerraUSD. A Treasury spokesperson said that "the Government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets." © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Crypto Flipsider News – Bitcoin Stays Flounders $30k for Longest Bearish Streak Since 2015; Polygon to Migrate Terra Projects as LUNA Trading Volumes Surges; Goldman Sachs and Barclays Invest in Elwood; Square Enix to Intensify Web 3.0 Investment; The U.K. Readies Stablecoin Regulation
Read our crypto flipsider by clicking here. Continue reading Crypto Flipsider News – Bitcoin Stays Flounders $30k for Longest Bearish Streak Since 2015; Polygon to Migrate Terra Projects as LUNA Trading Volumes Surges; Goldman Sachs and Barclays Invest in Elwood; Square Enix to Intensify Web 3.0 Investment; The U.K. Readies Stablecoin Regulation at DailyCoin.com.
Tron (TRX)'s Justin Sun Responds To Allegations He Was Behind Terra And UST Collapse, Says His USDD Is Different
Justin Sun, the founder of the Tron (CRYPTO: TRX) blockchain, laughed off claims that he was behind an organized attack that took down Terra (CRYPTO: LUNA) and its stablecoin TerraUSD (CRYPTO: UST). What Happened: In an interview with CoinDesk, Sun denied any involvement in UST’s de-pegging event and said he believes the situation unfolded due to market panic rather than a coordinated attack. “I think the LUNA problem is still that they used too much leverage. That’s why when the market collapses, the money they have in their reserve is just not enough to recover. We all witnessed the market panic,” said Sun. A week before the chaos encapsulated Terra’s ecosystem and the wider crypto market, Sun launched his own algorithmic stablecoin USDD. Industry watchers criticized the project for being similar in almost every way to Terra’s UST. See Also: HOW TO BUY TRON (TRX) The similarities between UST and USDD aren’t limited to mint and burn mechanics — Tron also plans to build a $10 billion reserve fund for USDD, 80% of which would comprise of Bitcoin (CRYPTO: BTC). Sun stated that one of the main differences in how USDD will operate compared to UST is that it will lower the risk-free yield offered on its staking protocol after it reaches a certain market capitalization. “I think yesterday they had to cut it [interest rate] from 20% to 4%. They should have done that a long time ago,” he said. Sun said Tron’s current 30% yield on offer is “basically a marketing strategy” and the interest rate would be lowered once more people contribute liquidity. “The crypto industry is going to evolve and algorithmic stablecoins have got to be there because I think this is a very important component of our ecosystem in the first place. We can’t blame the algorithm just because LUNA failed,” said Sun. Price Action: According to data from Benzinga Pro, TRX was trading at $0.06, down 18% over the last seven days. Photo: By Piskev91 on Wikimedia © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Polygon, Juno and Fantom blockchains try to lure Terra’s projects
Other blockchains are advertising themselves to developers closing their shops on Terra after its collapse. The post Polygon, Juno and Fantom blockchains try to lure Terra’s projects appeared first on The Block.