.stablekwon hasn’t endorsed the idea of burning tokens
Although he did provide users with a burn address, he warned that destroying one’s tokens is pointless since “nothing will happen.”
In early May, Luna’s circulating supply skyrocketed from 340 million to 6.5 trillion within just a couple of days.Despite massive supply increases, theMeanwhile, the price of the hyperinflationary LUNA token collapsed to virtually zero, leaving investors in the dust. Kwon recently proposed forking the chain in order to revive the ecosystem. However, the proposal was changed in the middle of the vote, which caused some controversy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Terra (LUNA) Network Dropped by Coinbase Cloud ServiceCoinbase's blockchain API and cloud service stops supporting Terra (LUNA). What about Terra 2.0?
Read more »
Tron Founder Justin Sun on Stablecoins in Wake of Terra CollapseTron founder Justin Sun discusses his take on the Terra ecosystem in the wake of UST's meltdown, the risks and benefits of algorithmic stablecoins, the impact of Tether's USDT on the crypto markets and Tron's stablecoin USDD. Plus, responding to financial crime allegations made by The Verge.
Read more »
This Is How the Terra Stablecoin Actually Imploded - Odd Lots - Omny.fmThe collapse of the Terra ecosystem, and the tokens Luna and UST, will go down as one of the most painful and devastating chapters in crypto history. Over $60 billion market value has evaporated, and numerous retail investors are nursing major losses. What's particularly bad is that this was a big project, championed by some of the most notable names in crypto. But some people obviously saw it coming, and understood it to be a disaster in the making. On this episode we speak with Kevin Zhou, the founder of the crypto hedge fund Galois Capital. He began warning about Terra publicly earlier this year, and was short Luna starting in early May. He explains the exact mechanics of the coin's implosion.
Read more »
Terra collapsed because it used hubris for collateral — Knifefight – Cointelegraph MagazineAccording to knifefight, the UST/Terra stablecoin structure was a circular Ponzi scheme that used hubris for collateral. So why did so many smart people fall for it? (Via CointelegraphZN)
Read more »
The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNAA detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.
Read more »