Binance CEO CZ to support Terra community but expects more transparency
Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community.“This won’t work,” said CZ while dismissing the validators’ idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders....
Related News
The Terra Classic LUNC has been putting more effort into resuscitation its new position in the crypto space. Unfortunately, the algorithmic stablecoin Terra and LUNA collapse in May caused a massive loss in the industry. The crisis intensified the crypto winter of the year, leading to the loss of billions of dollars. However, the new Terra ecosystem is gradually building against its previous loss. One of its distinctive approaches is the protocol’s burning mechanism. This action brought about the 1.2% tax burn for on-chain LUNC transactions, as proposed by one of the Terra community....
The Terra community has initiated crucial proposals that could revive the cryptocurrency by bringing new changes to the Terra Classic ecosystem. With the voting process still ongoing and community feedback highlighting a potentially positive outcome, the price of LUNC, the native token of Terra Classic, has seen a major uptick. Terra Community Set To Pass […]
MEXC Global has pledged to do a month-long buyback and burning to reduce the circulating supply of the old Terra markets. The fall of Terra (LUNA) shook the entire crypto market. However, the project has no plans to stay down as the project secured backing from crypto exchanges to help it rebuild. In an announcement Thursday, Terra provided details about the airdrop of the new native token within its new blockchain dubbed Terra 2.0. The distribution of tokens will proceed on May 27, 2022 and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) who....
Binance CEO CZ voices skepticism around the relaunch of the Terra blockchain and its new LUNA token following the latest fiasco. Binance CEO Changpeng Zhao, also known as CZ, expressed skepticism around the revival plan for the Terra ecosystem and the launch of the new LUNA token.“I try not to predict what the community will do. [...] Many are skeptical. I’m one of those guys,” said CZ in an exclusive interview with Cointelegraph.Following the collapse of TerraUSD (USD), the Terra ecosystem’s stablecoin, CZ criticized its team for not handling the crisis properly and pointed at the....
The Binance crypto exchange will burn all trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. To support the Terra community’s efforts to revive the Terra (LUNA) — now renamed Terra Classic (LUNC) — token, crypto exchange Binance announced an off-chain burning mechanism last week. However, after receiving mixed reactions from community members, the exchange revised its burning approach. On Sept. 23, Binance CEO Changpeng Zhao wrote that the exchange will create an optional 1.2% tax when trading LUNC. Zhao added that they will roll out the 1.2% tax for all LUNC....