Terra Co-Founder Proposes Token Redistribution Plan to Rescue Blockchain

    On Friday, Terra’s co-founder Do Kwon, who vanished this past week during the crypto collapse, announced a new plan to resuscitate the beleaguered $30 billion blockchain network, which has seen its algorithmic stablecoin UST depeg and LUNA token crater. Kwon said that he wanted to offer a financial scheme to buoy crypto holders.

    In the past, Kwon infamously said that “95 percent [of coins] are going to die, but there’s also entertainment in watching companies die too.” 

    “Even if the peg were to eventually restore after the last marginal buyers and sellers have capitulated, the holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes,” said Kwon. “While a decentralized economy does need decentralized money, UST has lost too much trust with its users to play the role.”

    Source link

    Previous articleMetaverse and NFT start-up Unica Token ropes Republic TV’s Bhaskar Das as director-content creation, Marketing & Advertising News, ET BrandEquity
    Next articleIt looks like Apple WWDC 2022 will be in-person after all – for some