Terra (LUNA) team continues to struggle to bail out UST and LUNA, which fell after UST’s pegged to US dollar. Some details made people think that the team of Do Kwon and Terra were incompetent in solving the problem. Meanwhile, two important developments took place while two famous names were conveying their comments about LUNA. Here are the details…
Gemini halts UST transactions: In the LUNA voting process
US-based cryptocurrency exchange Gemini said that the collapse of Terra ecosystem tokens and TerraUSD (UST) to US dollars announced that it will stop trading stablecoins next week after the stablecoin expires. The stock market, which is owned by billionaires Tyler and Cameron Winklevoss, announced that trading will be suspended on May 27. According to the announcement, after the suspension of UST trading, the stablecoin will continue to trade in limit-only mode via the ActiveTrader web platform.
Meanwhile, the team trying to save the ecosystem publicly shared their plans to burn UST and LUNA and put them to a vote. The team’s proposal to burn the UST was unsuccessful and a new proposal was launched for this purpose. After the talk of the airdrop and the new token, the team decided to consider calls from the community and burn the remaining UST 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 UST remaining in the community pool had already met the requirements; however, it could not be executed due to technical problems.
Terra comment from Tether CTO
Meanwhile, according to Paolo Ardoino, Tether CTO behind the largest stablecoin, USDT, the Terra ecosystem is facing The problems were not intentional. According to Tether CTO, managing a low value ecosystem is much easier given the complexities associated with managing issues in a large, multi-billion coin market like UST and LUNA.
Finally, advisor to the Central Bank Digital Currency Think Tank, Dr. Sean Stein Smith also cited Terra’s comments. In a recent post, he noted that while what’s happening in the Terra ecosystem is a bit of a shame for the crypto community, it doesn’t mean the end of the crypto and blockchain industry as a whole.
