Terra 2.0: A crypto project built on the ruins of $40 billion in investors' m...
Terra 2.0 launced with the promise of helping to retrieve lost funds, but early indicators suggest launching a new token to compensate for the failure of another is a bad idea. Terra remained the focus of the majority of headlines throughout May for its spiral collapse leading to a loss of over $40 billion in investors’ money. Despite some early resistance from the community and heavy backlash from the likes of Binance CEO Changpeng “CZ” Zhao, Terra co-founder Do Kwon managed to relaunch the collapsed network with a new chain called Terra 2.0 (Phoenix-1).The amended proposal for the....
Related News
The main problem that led to the fall of Terra was that the reserves appeared to be overcollateralized, but in reality, they weren’t. The spectacular implosion of the Terra ecosystem in mid-May left the crypto industry scarred. Though there were some brave critics who understood just how thin the razor’s edge was for TerraUSD (UST) — now TerraUSD Classic (USTC) — I think it’s safe to say that most people didn’t expect Terra to fail so fast, so dramatically and so completely irrevocably.I’m writing this as the Terra community is voting on a plan to restart some kind of Terra 2.0 — a plan to....
The two nations have agreed to share their investigation data on the ongoing crypto-related cases including Terra Luna. South Korean justice minister Han Dong-hoon was in New York recently to discuss various ways in which the two nations can corporate on investigations associated with financial crimes, especially crypto-related crimes.Hoon met with Securities and Commodities Task Force co-chief Andrea M. Griswold, at the U.S. Attorney's Office for the Southern District of New York along with Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office on....
Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were top ten crypto market cap contenders, Terra’s decentralized finance (defi) presence was second to Ethereum in terms of total value locked. Today, the remaining Terra-based token holders and defi protocol operators seem to be waiting for a miracle.
Terra’s Token Economy Has Lost 96% of Its Value
There’s been an abundance of news surrounding the Terra blockchain fiasco....
The hype around Terra Classic's staking service and new token-burning feature is helping fuel the LUNC rally. Terra Classic (LUNC) has outperformed all top-ranking cryptocurrencies so far in September gaining nearly 100% in the past seven days alone.Terra Classic outperforms crypto marketThe token surged more than 250% month-to-date to reach $0.000594 on Sep. 8, its best level on record. Whereas Bitcoin (BTC), dropped 4%, and Ether (ETH) gained only 3.5% in the same period.The profits in the Terra Classic market appeared despite its association with the defunct Terra (LUNA) token, a $40....
Projects migrating from Terra to other ecosystems have made an example of how to adapt and regenerate after a catastrophic blockchain collapse. At the height of the 2022 bull market, the Terra ecosystem was booming with talent and innovation. The native token of the Terra blockchain had made its way to the top-10 cryptocurrencies by total market capitalization. Protocols were building the next iteration of a super cycle that seemed like it would never end. Terraform Labs created Terra amid the crypto market crash of 2018 and built it all through the bear market. The Terra ecosystem’s main....