cryptocurrency trends

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Terra community seems dead set against Do Kwon’s fork proposal

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The majority of the Terra community is against the idea of forking the blockchain after its collapse last week, according to a preliminary poll on the network’s research and governance forum.  As of 6:45 a.m. ET on Tuesday, 90% of the more than 1,000 votes in the online poll reject a fork, which would create a new, parallel version of the Terra blockchain. The ballot is open to anyone who logs into the Terra forum, whether or not they hold …

South Korean politician calls for hearing on Terra crisis

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Yun Chang-Hyun, a representative from South Korea’s ruling People Power Party, has called for a parliamentary hearing on TerraUSD (UST) after the stablecoin’s sudden collapse last week, local news outlet Newspim reported on Tuesday. “We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors,” Chang-Hyun reportedly said today at a plenary meeting of the …

Luna Foundation Guard depleted its $3 billion reserves to try to save UST, it reveals

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The Luna Foundation Guard (LFG) broke its silence on the state of its crypto reserves, saying that it would look to compensate users for losses suffered due to the breakdown of its algorithmic stablecoin.  Terra’s native token Luna and stablecoin TerraUSD (UST) had gone into freefall last week as UST lost its peg from the US dollar.  The foundation, a Singapore-based non-profit designed to defend UST, wrote in a 10-tweet thread on Monday that it would look to compensate the …

Terra fork won’t work, says Binance CEO Changpeng Zhao

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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. “This won’t work,” Zhao said in a tweet on Saturday. “Forking does not give the new fork any value. That’s wishful thinking.” Zhao’s tweet came a day after Do Kwon, the founder and CEO of Terraform Labs, proposed a revival plan for Terra after its collapse last week. Kwon pitched forking the Terra blockchain — creating a new …

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

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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. 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 …

After Terra’s stablecoin implosion, battered investors ask ‘where is Do Kwon?’

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With angry investors facing heavy losses following TerraUSD’s dramatic de-pegging this week, users on the Terra Research Forum and Reddit are now asking where Terraform Labs CEO Do Kwon is and even calling for his arrest. The Terra crypto ecosystem was thrown into chaos this week when its TerraUSD (UST) algorithmic stablecoin de-pegged sharply from the US dollar. The crisis has seen both the price of UST and its related Luna token tumble, resulting in billions of dollars of losses …

Luna supply soared to 6.5 trillion coins before Terra’s latest halt

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The circulating supply of Luna (LUNA) surged to more than 6.5 trillion by the time the Terra blockchain was halted for a second time in an attempt to salvage the collapsing ecosystem.  For the last few weeks — up until just three days ago — the supply of Luna was only around 340,000, according to data from Terra Analytics. That was until TerraUSD (UST) lost its peg to the dollar on Monday, kickstarting a downward spiral for Luna, a related token …

Luna token price craters below $0.0001 as circulating supply soars above 400 billion

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Earlier Thursday, The Block reported that the circulating supply of Terra’s native asset, Luna, had ballooned amid an escalating behavioral cycle. As of around 11:15 a.m ET, that figure stood at roughly 25 billion LUNA. Now, that figure is approximately 401.6 billion, according to data from Terrascope. That represents a change of more than 225 billion LUNA on  May 13 alone.  The state of affairs has to do with the embattled algorithmic stablecoin TerraUSD (UST) and the redemption mechanism by …

Layer by Layer Issue 30: Terra

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May 12, 2022, 4:48PM EDT • 9 min read Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding The Terra protocol has undergone a collapse of epic proportions with the depegging of Terra USD (UST) from the U.S. dollar and a dramatic decline in the price of LUNA This week, we take a look at the fall …

Luna token supply hits 25 billion — up by nearly 24 billion today

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The circulating supply of Luna (LUNA) has broken above 25 billion as the token is being minted on an exponential level. This state of affairs is due to the breakdown of the TerraUSD (UST) peg and its relationship with Luna, the native asset of the Terra blockchain. For the last few weeks, the supply of Luna stayed around the 325 million mark. Wednesday, it shot up to 1.5 billion, and today it has increased as high as 25.3 billion — …