लूना, यूएसटी अपडेट: बिनेंस के सीईओ लूना और यूएसटी मूल्य पतन से कैसे निपटते हैं, इससे निराश हैं

Crypto wallet and exchange Binance relists Terra’s cryptocurrency LUNA and stablecoin UST from its platform after suspending its trading on May 13 for its recent coin collapse. Binance CEO Changpeng “CZ” Zhao recently questioned the proposal of hard forking the Terra blockchain as a means to revive the once-thriving Terra (LUNA) and TerraUSD (UST) ecosystems. 

CZ said that hard forking to TERRA2 “won’t work” as it would involve providing a new version of LUNA to all holders.

“आपूर्ति कम करना बर्न के माध्यम से किया जाना चाहिए, पुरानी तारीख पर कांटा नहीं, और सिक्के को बचाने की कोशिश करने वाले सभी को छोड़ देना चाहिए। मेरे पास कोई LUNA या UST भी नहीं है। बस टिप्पणी कर रहा हूँ," सीजेड ने कहा।

Rather, he suggested that Terra should first use its Bitcoin (BTC) reserves to buy back UST to revive the coin’s pegging. UST is an algorithmic stablecoin, a cryptocurrency that offers improved price stability without any collateral. (Read more: एल्गोरिथम स्थिर सिक्के क्या हैं?)

Additionally, CZ pointed out the potential issues with forking Terra and noted that, “minting, forking, don’t create value.” Then the Binance CEO suggested an ideal way to revive the token’s value is to buy back and burn its supply.

Although the exchange was expressing support for the Terra community, the CEO emphasized the need for transparency.

He also added that “failures can/will happen. But when they do, transparency, speedy communication and owning responsibility to the community is extremely important.”

Recently, CZ expressed his disappointment in the way Terraform Labs handled the recent LUNA and UST collapse, as opposed to the way Axie Infinity recently handled its hacking crisis. He also noted that the team behind the Terra network hardly responded to Binance’s request to help them restore the network.

On Monday, the fund set up by Terra creator Do Kwon Luna Foundation Guard disclosed that it spent almost all of the bitcoin in its reserve last week in an attempt to save UST.

Currently the fund only has 313 bitcoins left in its reserve. (Approximately ₱487 million). The firm said it would use the remainder of its $85 million in crypto assets — including some BNB and avalanche — to “compensate remaining users” of UST.

“We are still debating through various distribution methods, updates to follow soon,” –Luna Foundation Guard

यह लेख बिटपिनस पर प्रकाशित हुआ है: लूना, यूएसटी अपडेट: बिनेंस के सीईओ लूना और यूएसटी मूल्य पतन से कैसे निपटते हैं, इससे निराश हैं

Disclaimer: बिटपिनास लेख और इसकी बाहरी सामग्री हैं वित्तीय सलाह नहीं। टीम फिलीपीन-क्रिप्टो और उससे आगे की जानकारी प्रदान करने के लिए स्वतंत्र, निष्पक्ष समाचार देने का कार्य करती है।

पोस्ट लूना, यूएसटी अपडेट: बिनेंस के सीईओ लूना और यूएसटी मूल्य पतन से कैसे निपटते हैं, इससे निराश हैं पर पहली बार दिखाई दिया बिटपिनस.

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• Source: https://bitpinas.com/cryptocurrency/luna-ust-update-cz-is-disappointed-with-how-luna-and-ust-price-collapse-is-handled/