Terra 2’s testnet has gone live, with a mainnet launch expected on May 27. The native asset for Terra 2 will be LUNA, and it will not be associated with the UST stablecoin. An airdrop will accompany the mainnet launch, with those eligible receiving 30% initially. The Terra network’s testnet...
Summary: The European Central Bank has published an informative new article on digital assets titled ‘Decrypting Financial Stability Risks in Crypto-Asset Markets’. The informative article describes the stablecoins of TerraUSD (UST) and Tether (USDT) as not being as stable as their names suggest and cannot guarantee their peg at all...
Quick takeaways: The team at Terra has clarified that the new chain that will arise from Proposal 1623 is not a hardfork. The Terra Team has described Terra 2.0 as the genesis of a new blockchain. Dapps from the old chain will not pre-exist on the new Terra (LUNA) chain....
South Korean law enforcement agencies have asked crypto exchanges to freeze funds that might be linked to the Luna Foundation Guard. The exchanges are not compelled by law to follow through with the request, and the decision can be conducted at their discretion. Terra’s troubles are growing as lawsuits and...
Summary: In a recent AMA, Binance CEO was asked whether he would consider taking over from Do Kwon at LUNA and bailing out UST. CZ responded by stating he was humbled by the request, but such a scenario was unlikely given that he is ‘pretty busy already.’ CZ also clarified...
Summary: Malicious actors have been purchasing LUNA and posting fake proposals on Terra Station with phishing sites. Terra has also witnessed an increment in spam proposals as the ‘cheapness’ of LUNA makes it economically easier. The team at Terra has now added an allowlist for new proposals in the ecosystem....
Summary: The Brazilian Crypto Exchange of Nox Bitcoin has announced that it will refund all UST Holders’ losses with USDT. Nox Bitcoin has set aside BRL 620,000 or approximately $127k for the refunds. Additionally, during the UST depegging, OKX was the only crypto-exchange to notify its users of the potential...
Summary: The team from Avalanche has issued a transparency report on the fate of the AVAX reserves that the Luna Foundation Guard and Terraform Labs hold. According to Avalanche, Terraform Labs Purchased 1.09 million AVAX, and the Luna Foundation Guard Purchased 1.97 million AVAX back in April. The Luna Foundation...
Quick take: CZ believes that UST’s depegging and massive LUNA inflation could have been avoided had the LFG deployed its reserves when the de-peg was at 5%. According to CZ, the Terra team was very slow and infrequent in communicating with the community during the crisis. He also stated he...
Summary: Terra’s Do Kwon has introduced three amendments to proposal 1623 to fork the chain. The amendments were introduced as the Terra community was still voting on the original proposal. Do Kwon states that the amendments were added to accommodate community feedback. The introduction of amendments during an ongoing vote...
