Terra (LUNA cryptocurrency

2022 - 5 - 18

Post cover — Image courtesy of "Business Today"

Here is what crypto big shots think about the Terra Luna CRASH (Business Today)

Vitalik Buterin, Changpeng Zhao, and Sandeep Nailwal have expressed their views on the Terra Luna crash and Do Kwon's recovery plan.

And crypto big shots like Vitalik Buterin, Changpeng Zhao, Sandeep Nailwal and Billy Markus have expressed their views on the matter. Changpeng Zhao not very excited about Hardfork Changpeng Zhao, the founder of Binance, the largest crypto exchange by trading volumes in the globe, expressed his views on Twitter as to why a Hardfork (in simple words, permanent divergence from the previous version of the blockchain) of the Terra network would not be beneficial. Sandeep Nailwal, the Indian origin founder of the Polygon, the Ethereum scaling solution, offered help to Terra blockchain project to seamlessly migrate on the Polygon network.

3 investors on losing big in the Terra Luna cryptocurrency crash (INSIDER)

The crypto market witnessed one of its most striking breakdowns this month as TerraUSD, one of the biggest algorithmic stablecoins, fell apart.

The severity of the losses varies from people who claim to have lost millions to others who had only dipped into crypto more recently out of curiosity. As the coin dropped, the main subreddit for UST and LUNA, r/terraluna, was overloaded with investors speculating on what happened and mourning their losses. When the balance between these two coins became unstable in recent weeks, investors panicked and the equivalent of a bank run on the cryptocurrencies caused UST to lose over 90% of its value and LUNA went from around $80 one month ago to worth less than a cent this week. "I'm on disability because I was in a major work accident, someone didn't properly install temp stairs and they failed," Corey said. He's now lost over $30,000 since the nosedive began, he told Insider. While he still has a little over $1,000 in profits from other investments like Reddit-favorite GameStop, his world has been rocked by the sudden crisis. The cryptocoin dropped from its intended value of one US dollar to currently hover around ten cents, leading to buyers suffering devastating losses.

Terra (LUNA) Is Down 99%: Will Crypto Survive? (Motley Fool)

One of the most promising cryptocurrencies has cratered. The cryptocurrency crisis has gone from bad to worse as LUNA, the native token of the Terra (LUNA - ...

The cryptocurrency industry has a track record of recovering from its declines. But on May 9, TerraUSD lost its peg to the dollar after a series of major withdrawals, and its arbitrage mechanism failed to solve the problem. Instead of supporting TerraUSD, LUNA was overwhelmed by the volatility, sending its market cap down 99% to just over $230 million at the time of writing. It comprises two types of assets: Terra, its portfolio of stablecoins, and LUNA, the tradeable token designed to absorb the volatility of the stablecoins. Terra is a blockchain designed to facilitate stablecoins, which are cryptocurrencies pegged to real-world currencies like the U.S. dollar or the euro. This stunning collapse has dragged down the entire market -- which is now down 41% year to date to $1.3 trillion.

Explained: How Terra Founder Do Kwon plans to stir up blockchain ... (CNBCTV18)

A hard fork requires all nodes or users to upgrade to the latest version of the protocol software. Terraform Labs plans to put forth a new governance ...

About 5 percent will go to essential developers, while 70 percent will be given to LUNC and UST holders at various snapshots of events in May. The tokens will be subject to vesting conditions. Terraform Labs (TFL) will also remove its wallet from the whitelist for the airdrop to make Terra a fully community-owned ecosystem, similar to platforms like Ethereum in some ways, Business Insider reported. The move comes after market volatility and inherent protocol design flaws wiped out a majority of Terra Luna’s market cap last week.

The Real Reasons Behind the Crypto Crash, and What We Can ... (TIME)

Stablecoins are used by crypto traders as safe havens for when markets in DeFi (decentralized finance) get choppy: instead of converting their more volatile ...

He then used his position of power to defend his coin in the same way that the Federal Reserve might, in turn crushing the entire market. Much of the promise of crypto lies in its decentralized nature: that its value doesn’t derive from manipulable controlling authority like a bank or a government, but rather sleekly-designed code and network effects. We see this as a computing paradigm shift that is bigger than the ebb and flow of the short term price of Bitcoin. We are doubling down, specifically in infrastructure, DeFi and emerging use cases,” they wrote. “Some of the [firms] made a lot of money off this, and I think they should compensate those who have lost.” Over the last week, many leaders in the crypto community have scrambled to distance UST from other types of stablecoins, arguing that reserve-backed stablecoins are comparatively secure and should be allowed to continue to flourish with minimal regulation. “And those have had runs and have been bailed out.” (The economics journalist Jacob Goldstein made the same comparison in TIME’s Future of Money issue in October.) The rest of the crypto ecosystem needs to be open to working with regulators such that we can deter these types of situations from happening in the future,” MacPherson says. Many worry that Terra’s crash is the first domino precipitating a long-foretold “crypto winter,” in which mainstream investors lose interest and values remain low for months.“ I suspect some cryptocurrencies will be worthless and that capital investment in the space will slow to a crawl as investors nurse their losses, much as we saw in the Internet bubble,” Bloomberg’s Edward Harrison wrote. Their activity caused the linked currency Luna to also crash in what is known as a “death spiral.” As of now, UST is worth 12 cents, and Luna is worth fractions of a penny after being worth as much as $116 in April. The life savings of many Terra and Luna investors vanished in a matter of days. They present the same kinds of risks that we have known for centuries in connection with bank runs.” The crash bankrupted many investors and pulled down the entire crypto market with it: over $400 billion in value was wiped out in terms of crypto market capitalization.

What Is Terra's (LUNA) Revival Plan 2.0? Can It Work? Read Here ... (Outlook India)

Binance's Investment in Terra (LUNA) was once worth $1.6 billion, but as of 11am on May 17, it is worth approximately $3,000. Binance invested in LUNA four ...

The ultimate goal of Terra is to be a community-owned Blockchain. New Inflation Rate: In the revival plan, Do Kwon said that the existing revenue streams won’t be sufficient to cover the cost of security without increasing swap fees. This new plan essentially makes Terra a community-owned crypto Blockchain, more like a decentralised autonomous organisation (DAO). But there are several key risks to watch out for, since most of these measures will take some time to actually materialise. The entire list of the other essential Terra tokens can be seen here. In a blogpost, Do Kwon outlined several measures in order to save the Terra (LUNA) Blockchain ecosystem. Binance’s Investment in Terra (LUNA) was once worth $1.6 billion, but as of 11am on May 17, it is worth approximately $3,000.