The collapse of Terra (LUNA) has caused serious problems in the cryptocurrency market. Although the Terra team has come up with solutions to users and investors, it does not seem to have been successful. While the latest proposal to burn UST has failed, a cryptocurrency exchange has announced that it has discontinued support for LUNA. Another crypto exchange announced that it will compensate users for their losses. Here are the latest developments on the Terra front…
Coinbase Cloud has stopped supporting Terra (LUNA)
According to the official announcement shared on Coinbase Cloud’s Twitter account, for Terra’s infrastructure support will be stopped. This decision was made in consultation with the customers and ecosystem participants behind Terra (LUNA).
2/ We have been thankful for the opportunity to support Terra’s participants and builders.
— Coinbase Cloud (@CoinbaseCloud) May 20, 2022
Additionally, a revised coin Amid rumors of a potential Terra (LUNA) protocol with a push policy and fine-tuned tokenomic design, Coinbase Cloud has announced that the potential new Blockchain will not be added to its node stack. Coinbase Cloud announced that customers and enthusiasts will get all the support they need to “how best to bring Terra to life” with minimal impact on their business processes.
Terra’s UST burn proposal failed
Kriptokoin.com Terra team’s UST proposal The proposal to burn . failed because a new proposal was launched for this purpose. TerraForm Labs, the organization responsible for the Terra ecosystem, says it is working day and night to reintegrate investors who have suffered huge losses due to the stablecoin UST losing its anchor.
After launching a proposal to create a new Blockchain that will airdrop new LUNA tokens to legacy LUNA Classic (LUNC) holders, the team is considering taking calls from the community and paying the remaining UST. decided to burn its stimulus in the community pool and cross-chain liquidity. However, the TerraForm Labs team said on Twitter that their efforts to launch the offer failed due to a technical issue.
Proposal 1188 created to burn the remaining UST in the Community pool and cross-chain liquidity incentives had already passed the required requirements; however, it could not be executed due to technical problems.
Announcing the development to the Terra community, the team said technical issues arose from the proposal’s attempt to ‘burn more UST from the pool than there is’.
1/ Prop 1188 to ‘Burn the remaining UST in community pool + cross-chain liquidity incentive UST’ passed but did not successfully execute due to technical issues – it attempted to burn more $UST from the pool than existed.
More info can be found here 👇https://t.co/7iqXQ2Z5o1 https://t.co/p8QUZaj6kr
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
Terra Build Developer Will Chen said: ‘cannot eliminate’ – voting passed and executed automatically by the system. However, execution failed due to bad parameter (malformed bid not caught by the bidder).
However, the team seems determined to reintegrate investors as the team has announced the launch of a new 1747 proposal with updated parameters to make it easier to burn the UST. “If applicable, this offer will burn the remaining UST in the Community Pool + the cross-chain liquidity incentive UST,” the team added.
1/ Prop 1188 to ‘Burn the remaining UST in community pool + cross-chain liquidity incentive UST’ passed but did not successfully execute due to technical issues – it attempted to burn more $UST from the pool than existed.
More info can be found here 👇https://t.co/7iqXQ2Z5o1 https://t.co/p8QUZaj6kr
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
Nox Bitcoin indemnifies UST investors
Brazilian cryptocurrency exchange Nox Bitcoin, which enables its users’ UST stakes, has decided to indemnify after the LUNA/UST collapse, although it is not obliged to compensate users for losses, in order to maintain the trust of its customers.
Nox Bitcoin announced that it is staking tokens on behalf of its clients through Anchor Protocol, which contributed up to 20% on UST staking and contributed to the crash. Cryptocurrency exchange does not have any insurance or guarantee that will impose refund obligations to holders and stakers. However, its CEO, Joao Paulo Oliveira, said that its customers are confident in staking, and the exchange should not let their trust go down because they know that customers are more valuable than anything else.
Joao Paulo Oliveira noted that users will be paid only to investors who purchased the token before the UST’s anchor loss, excluding expenses incurred elsewhere, such as marketing.
Do Kwon: We control so little of the LUNA supply, we can’t burn it
TerraForm Labs founder and CEO Do Kwon has spoken about social media rumors that he has fled the country and has already He said he has been living in Singapore from December 2021. The manager of the collapsed Terra ecosystem stated that this has been planned for a long time and is a purely personal decision. Do Kwon also added that Korea is very attractive when it comes to crypto tax and life costs much less.
https://twitter.com/Sarahparker45/status/1527981968595505154
In relation to LUNA/UST, Do Kwon He stated that the closure took time and the timing between the collapse and the collapse was coincidental. On the other hand, Do Kwon stated that they control less than 0.1% of the LUNA supply, so it is difficult for them to burn tokens to help the community.
