Terra fork won't work, according to Binance CEO (via Yogita_Khatri5)
The thinking that the fork would create any value is “wishful,” according to Zhao.Binance CEO Changpeng Zhao says he doesn't think Terra's plan of forking the blockchain will work because it won't provide any value.in a tweet on Saturday."Forking does not give the new fork any value. That's wishful thinking."for Terra after its collapse last week. Kwon pitched forking the Terra blockchain — creating a new chain — and distributing 1 billion tokens to stakeholders.
"The Terra community must reconstitute the chain to preserve the community and the developer ecosystem," Kwon said. Still, according to Zhao,"minting coins does not create value." It just"dilutes the existing coin holders."Zhao also questioned where the Luna Foundation Guard's bitcoin reserves are."Shouldn't those BTC be ALL used to buy back UST first?" he asked.on Friday, more than $1.2 billion in bitcoin reserves remain unaccounted for by the Luna Foundation Guard.
The tokens collapsed when UST lost its peg to the US dollar, putting incredible pressure on LUNA to keep its price up. Because of the way the two tokens were designed to interact, this led to a huge supply increase in LUNA and a resultant price crash.of Terraform Labs, having co-led its $32 million seed round in 2018. Terraform's other notable investors include Coinbase Ventures, Polychain Capital, Pantera Capital and Hashed.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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