.cz_binance has written a new article about $LUNA & $UST. He shares his views on the situation and reflects on the lessons, spillover effects, systematic risks & more👇
. At Binance, our first focus is always to protect affected users. Sadly, there are no great solutions here that can please everyone. Many proposals were discussed in the community. Unfortunately, each had its drawbacks.. Binance has also volunteered to let the Terra project team focus on helping the retail guys first before us.Let’s take a look at the design flaws.
The Terra team was slow in using their reserves to restore the peg. The entire incident may have been avoided if they had used their reserves when the de-peg was at 5%. After the value of the coins had already crashed by 99% , they tried to use $3 billion to do the rescue. Of course, this didn’t work.
Lastly, I have mixed feelings about the revival plans provided by the Terra team. But as I said, regardless of my personal feelings, we will be here to support the community’s decision.Yes, of course. There have already been shockwaves sent throughout the entire crypto ecosystem. USDT de-pegged to 0.96 for a bit but recovered quickly. Many crypto projects were and are still negatively impacted in many ways. If nothing else, most crypto prices dropped. Even bitcoin dropped about 20%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LUNA Meltdown Doomed To Get Worse After Shocking Departure Of Terraform Labs Legal TeamTheir departure follows last week’s unrecoverable downfall of the TerraUSD (UST) stablecoin and native token LUNA.
Read more »
Almost 100% of Luna Users Are Denying Terra Co-Founder's PlanICYMI: only 8% of $LUNA users somewhat agree with Do Kwon's Terra revival plan LUNA $UST
Read more »
Introducing Biometric Authentication on Binance | Binance BlogBinance is excited to introduce Biometric Authentication! Safeguard your crypto journey with biometrics, including face and fingerprint verification. Learn more ➡️
Read more »
Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST – Featured Bitcoin NewsDays before the collapse of $LUNA and $UST, Do Kwon dissolved Terraform Labs Korea and shut down all offices, official records show. terra crypto cryptocurrency terrausd
Read more »
Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crashA revelatory discovery of legal documents could provide greater context to the catalyst of the infamous LUNA and UST price crash.
Read more »
We Need More Women in Government to Combat Anti-Choice Legislation - Women’s Media Center“It’s no coincidence that Texas, Tennessee, and Oklahoma all have majority-male legislatures — or that women are the minority of all state legislators. In fact, women still only make up 30% of all state legislators.” via WMC's the_fbomb
Read more »