New developments for LUNA and UST, one of the most talked about cryptocurrencies of recent times, continue to emerge. In this article, we will talk about the latest developments in the project. Here are the details…
LUNA inventor commented on the closure of his office
Terraform Labs CEO and co-founder Do Kwon said the closure of two offices in South Korea was “completely accidental” ” and not because of an investigation by the national tax office. As we have also reported as Kriptokoin.com, Terraform Labs’ two offices in Busan and Seoul were closed on April 30, following the decision of the project’s shareholder general assembly. This has spawned speculation that the collapse of the UST and LUNA was predictable.
In a Twitter response, Kwon said that he is currently in Singapore and that the move was a personal decision that was planned long ago. Kwon added that the company pays all of its taxes and has no obligations in South Korea.
Delphi Digital announced that the LUNA/UST debacle hurt the firm
In an official post earlier this week, Delphi stated that the collapse of Terra is a Bitcoin that lost 850,000 BTC as a result of the 2014 attack. He said it was “the most disastrous event” in the crypto industry since Mt Gox. Although Delphi is a big fan of the Terra ecosystem, he has always had concerns about the structure of UST and LUNA. However, the firm believed that large reserves held by the Luna Foundation Guard (LFG) would prevent the project from collapsing.
Crypto investment firm detailed how the Terra collapse affected them. He noted that its venture capital arm, Delphi Ventures Master Fund, purchased a small amount of LUNA in the first quarter of 2021, equivalent to 0.5 percent of its net asset value (NAV). The hardest hit was Delphi Labs, the company’s research and development arm, which spent several months working on Terra-based protocols, Astroport, and the joint ventures building Mars. Delphi Labs received grants of 30,000 LUNA and 466,666 UST from Terraform Labs to support their work, all of which are still in their possession.
Bill Ackman likened LUNA to a “pyramid scam”
When famous investor Bill Ackman saw Terra’s algorithm system, he said “pyramid” He said he thought of a crypto version of the “scam” system. He also stated that there is no use behind the project and the token. He stated that LUNA gained value by attracting more users and started to limit the token supply by creating a profit system. But it collapsed when sellers’ supply exceeded that of buyers, he said.
Terra (LUNA) burning is supported by some exchanges
In the meantime, crypto exchange MEXC is asking its users to burn the exchange’s Terra (LUNA) tokens. He asked them to vote on whether he would support his latest plans for The exchange announced the survey late Sunday, noting that all of its users are welcome to participate in the survey. MEXC said that if at least 50 percent of its users approve the offer, it will use the actual transaction fees from LUNA/USDT spot transactions to start buying and burning LUNA tokens on the open market. The exchange said it will publish the results of the voting before May 26.
Market cap exceeds $1 billion
As Do Kwon opposes “burn-in” debates, Terra (LUNA) has dropped its market cap and price a week ago. seems to be rising gradually. After its price dropped to $0.00000099 on May 13, 2022, the cryptocurrency gained momentum once again as the Terra team made the necessary preparations to reintegrate investors. While the price of LUNA dropped to $0.00000099 on May 13, 2022, its market capitalization dropped below $60 million. The market cap of the cryptocurrency has soared by over $1 billion as investors flock to buy the cryptocurrency to take advantage of the upcoming LUNA airdrop.
Difficulty with on-chain LUNA and UST transfers
Meanwhile, the Terra team is facing technical issues of cross-Blockchain transactions. He said he was staying. Apparently, when the UST needs to be pegged to the US dollar, IBC (Blockchain Communications) channels; Closed to prevent permanent loss to UST, other IBC DEXs and Luna pools on Osmosis. However, although proposal 1299 aimed at reactivating IBC channels was accepted, the opening process was not carried out properly. Terra acknowledged the technical issues facing the Blockchain network and assured the community that the team is working to find a solution and reopen the network to the community.
Hoskinson insults Kwon with his comments
Charles Hoskinson, CEO of Input Output Global (IOG), the organization responsible for Cardano’s research and development, Blockchain continues to troll Do Kwon after his network collapses. The Cardano executive has dubbed the upcoming Terra 2.0 “Kwon’s Wrath”. Hoskinson made this comment in response to a user who said how quickly it was for the Terra team to set a timeline for launching a new chain.
The user compared the expectations for the release of Terra 2.0 to that of Ethereum 2.0, which was announced months before the Terra network was released in 2019. “Terra 2: The Wrath of Kwon,” Hoskinson said, as many users discussed the slow pace of the Ethereum team in the comments section.
OKEx lists USDC/LUNA spot pair
Finally, cryptocurrency exchange OKEx has stated that it will open the LUNA/USDC pair for spot trading. Spot trading opened at 10 am this morning.
