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Terra Team Facing Problems To Unlock The Transfers Of LUNA and UST Between Chains

Mark Brennan
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Terra Team Facing Problems To Unlock The Transfers Of LUNA and UST Between Chains

 

Terra team facing technical issues as Inter-Blockchain Communication passed but cannot be executed.



Technical Issues

The notable recovery may result from the Terra blockchain’s recent efforts to revive the network after the shutdown that followed the crash. However, the revival process seems to be facing some hurdles.

A recent statement by Terra reveals that the proposal to revive the network has passed but the execution is facing issues.

 

Apparently, when UST had to be de-pegged from the USD, IBC (Inter-Blockchain Communication) channels were closed to prevent impermanent loss to UST, other IBC DEXs, and Luna pools on Osmosis. However, upon the passing of Proposal 1299 which sought to re-enable the IBC channels, the opening process didn’t execute properly.

The Team further said:

“During $UST’s depeg, IBC channels were closed (but not disabled) as a stop-gap measure to prevent impermanent loss being incurred on $UST & $LUNA pools on @osmosiszone & other IBC DEXs. As a result, users were then unable to transfer these assets across IBC chains.”

Terra Team Working On A Solution

Terra has acknowledged the technical issues facing the blockchain network and has assured the community that the team is working to find a solution and re-open the network to the community. The enabling of IBC would help to unlock the transfers of LUNa and UST between chains.

“We are aware of the issues associated with this proposal & are working on getting the IBC channels open for users as soon as possible.”

Meanwhile, plans to shore up Luna’s price are still discussed. Terra founder Do Kwon has proposed the execution of a hard fork to create a new Luna chain with new tokens that will then be airdropped to affected holders.

The new chain will also not be linked to UST. While the community was initially opposed to this idea during the preliminary voting round, the amended proposal was passed by core stakeholders. As of press time, UST is trading at around $0.08.

Luna Market Cap Surpasses $1 Billion

Terra Luna and UST have been on the receiving end of a rough market crash of late. LUNA’s price fell from over $100 down to less than $0.0002 while the UST stablecoin took a heavy hit that saw it de-pegged from the USD.

Now, Luna seems to be gathering itself up again as it records an increase in market cap. At the time of this writing, Luna’s market cap stands at around $1.3 billion while the price is at $0.00019. The price has recorded a 15% increase over the last 24 hours. This is a good sign as the Terra ecosystem struggles to recover.

Cardano’s founder Charles Hoskinson Trolls Terra’s Founder Do Kwon Again: “Terra 2, Wrath of Kwon”

Albert Brown
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Cardano’s founder Charles Hoskinson Trolls Terra’s Founder Do Kwon Again: “Terra 2, Wrath of Kwon”

Hoskinson is still throwing shades at Terra’s founder over his comments last month.


Charles Hoskinson, the CEO of Input Output Global (IOG), the organization responsible for the research and development of Cardano, is still trolling Do Kwon, the CEO, and founder of TerraForm Labs, over the collapse of his highly-praised blockchain network.

The Cardano exec took to Twitter to call the upcoming Terra 2.0, the “Wrath of Kwon.”

Hoskinson made this comment in response to a user who noted how quickly it was for the Terra team to fix a timeline for the launch of a new chain.

The user compared the anticipation of the launch of Terra 2.0 with that of Ethereum 2.0, which was announced months before the Terra network went live in 2019.

“It looks like Terra 2 will ship months before ETH 2. To think, since ETH proof of stake was announced, a top 10 coin will be born, die and reborn,” @technologypoet said.

Hoskinson Fires Shot at Kwon

While many users deliberated about the slow pace of the Ethereum team in the comment section, Hoskinson quoted the tweet and wrote: “Terra 2: Wrath of Kwon,” a post that suggests the Cardano boss is yet to let go of the negative comments Kwon made about ADA last month.

Recall that Kwon proposed last month that his company may consider buying ADA for “negative correlation” to back its flagship stablecoin TerraUSD (UST).

The comments did not sit well with Hoskinson at the time. However, he waited until Terra tokens, including LUNA and UST, started to dip before commenting on Kwon’s post.

“Should I buy some Luna for negative correlation?” Hoskinson asked the Cardano community.

Competition Between Terra and Cardano

Prior to the collapse of the Terra ecosystem, both LUNA and ADA had engaged in a neck-to-neck battle over which coin would become the eighth-largest cryptocurrency in the market.

Both cryptocurrencies had overtaken each other on different occasions until Terra’s UST lost its peg to the dollar two weeks ago.

At the moment, TerraForm Labs is making plans to make investors whole again, with the team focusing on creating a new chain on May 27, 2022, in order to airdrop new LUNA tokens to existing Terra investors.

Terra founder Says Sending LUNA To Burn Address Is Not A Good Idea As It Does Nothing ‘Except You Lose Your Tokens’

Mark Brennan
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Terra founder Says Sending LUNA To Burn Address Is Not A Good Idea As It Does Nothing ‘Except You Lose Your Tokens’

 

Terra founder Do Kwon Says Sending LUNA To Burn Address makes you Lose Your Tokens and nothing else.



LUNA and UST are still battling the heavy bearish sentiments hanging over their markets.

Do Kwon and his team at Terra have been trying to find a way to revive the ecosystem. One of the ways that have been proposed to shore up LUNA’s prices is burning the excess tokens to create demand. However, Do Kwon seems to be hesitant to do so.

The Terra founder tried to justify his misgivings about burning LUNA in a recent tweet. According to him, burning the tokens doesn’t serve any good purpose except that the tokens end up lost.

“To clarify, as I’ve noted multiple times, I don’t think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokens. Want there to be no confusion whatsoever.”

 

Burning tokens involves sending the extra coins to an address, after which they’re forgotten and removed from the ecosystem. Basically, this is supposed to reduce the number of tokens in circulation and create demand, resulting in a price boost for the crypto.

 

The Terra Community Wants Luna Burned

Do Kwon was reacting to the pressure piled on him by the Terra community to burn the extra coins and save the crypto’s price that has been in the gutters since the crash started days ago.

In an earlier tweet, Kwon had shared the burning address after many people demanded to see the address.

The Terra community has been trying to get Do Kwon and the Terra team to burn LUNA for days now. Critics, including Binance CEO, have faulted Do Kwon and his team for not grabbing the opportunity to use the reserves to shore up the price during the onset of the crash. The exchange CEO also opined that Do Kwon should have burned LUNA instead of minting more.

CZ vigorously castigates Terra (LUNA), saying, “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value.”

Other Crypto Networks Are Doing It

Burning tokens have become common among many crypto networks, including Binance coin (BNB) and even Shiba Inu. A quick look at the market dynamics of the cryptos suggests that this mechanism works. This is why many people don’t understand why Do Kwon and the Terra team are opposed to burning tokens.

All big chains like Binance chain’s BNB, Ethereum chain’s ETH, and Polygon’s MATIC are continuously involved in burning coins to reduce supply and help price over time. Even meme coins like Shiba Inu and Babydoge particularly deploy burns to aid the supply.

Major Milestone: 50 Billion Shiba Inu Burnt Since Burn Portal Launch In Less Than A Month

Zabi
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Major Milestone: 50 Billion Shiba Inu Burnt Since Burn Portal Launch In Less Than A Month

Major Milestone Achieved, SHIB Burn Portal Officially burned 50 Billion Shiba Inu Tokens.



Finally, the Dream of 50 Billion Shiba Inu Came True. SHIB Burn Portal achieves a major milestone of burning 50 billion SHIB tokens in less than a month.

Shiba Inu Community is cheering the ShibaBurn rewards as they have taken out over 50 Billion SHIB, worth $579,500 (as of current price) from circulation forever, through thousand of separate transactions in the past 4 weeks.

shib burn reaching 50B

Distribution of ShibaBurn Rewards Boost SHIB Burn Rate:

The first ShibaBurn rewards were officially distributed among the SHIB Burners on May 17th (Tuesday). The announcement cheered the Shiba Inu Community and bolstered their confidence in the burn project.

Therefore, following the distribution of ShibaBurn rewards, the SHIB burn rate increased dramatically in the last 72 hours as a whopping total of 18,348,470,507 (18.34B) Shiba Inu tokens have been burned through 286 separate transactions.

Biggest SHIB Burn Since Launch of SHIB Burn Portal:

On May 19th (Thursday), one mysterious wallet set a new record by burning a whopping 10 billion SHIB, worth $124,300 in a single transaction. This not only marks the largest community-led burn in history so far, but the biggest one in a single transaction, and also the biggest one since the Burn Portal launch. This massive burn also helped SHIB Burn Portal to achieve its first-ever major milestone of burning 50 billion tokens in no more than 30 days.

The aforementioned stats clearly depict that the developers behind Shiba Inu’s ecosystem have introduced a game-changing move for SHIB in the form of the SHIB Burn Portal.

SHIB x RYOSHI Vision:

SHIB Burn Portal is developed in collaboration with Ryoshi Vision. The Portal was officially brought into life on April 23, 2022 (a month ago). To encourage SHIB Burns, the team behind Shiba Inu strategically incorporated the “Reward Mechanism” for SHIB holders. ShibaBurn Reward Mechanism works like whoever will burn SHIB through using SHIB Burn Portal will receive a Ryoshi Vision token in exchange (as a reward).

Best App To Sell Gift Cards For Bitcoins In Africa – PRESTMIT

Mark Brennan
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Best App To Sell Gift Cards For Bitcoins In Africa – PRESTMIT

It’s no news that over the past decade, Gift Cards and cryptocurrencies like Bitcoin are taking over the finance space as many people are beginning to substitute the use of cash for that of Gift Cards and Bitcoins.

However, the good thing about these two digital assets is that they are convertible into cash and can also be exchanged for each other. 

Over the years, different platforms in Africa have sprung up to aid in the exchange of Gift Cards for Bitcoins, to save sellers the stress and inconvenience of scouting for buyers of their assets. Some platforms have multiple options from which you can receive payment for your assets. For example, some platforms exchange Gift Cards for cash and crypto like Bitcoins, Litecoins, USDT and Dogecoin.

The bone of contention of this article is to elucidate how you can sell gift cards for crypto or in Africa or anywhere in the world and the best platform where you can do that successfully.

Best App To Convert Gift Card To Bitcoin

As an African, especially one living in Nigeria or Ghana, one of the best platforms to trade any digital asset like Gift Card or Bitcoin is Prestmit.

BTC Africa

It is no doubt the leading platform in Africa, given the user-centric nature of the app, the transaction speed and undoubtedly high rates. It doesn’t require much formalities to use and payment is instant. Prestmit intends to provide you with the best value for your gift cards by offering competitive prices.

Prestmit allows you to retrieve, purchase, and sell gift cards from your phone, tablet, or computer. The user-friendly platform is available for both web and mobile users.

For gift card exchanges, Prestmit offers three payment options. You can be paid in naira or cedis, and you can buy bitcoin with gift cards at the same time.

In Nigeria, Prestmit offers over 20 different types of gift cards, including but not limited to Google Play, steam wallet, itunes, apple, AMEX, Vanilla, best buy, footlocker, gamestop, netflix, macy, nike, nordstrom, sephora, offgamers, EBAY, razer gld, saks, Amazon, target, visa, walmart, xbox e.t.c

There are many reasons why Prestmit is your best shot when trading a Gift Card or Bitcoin comes to mind. Here are some reasons why Prestmit is the deal:

Why Sell Gift Cards And Bitcoin Using Prestmit

  • Good User Experience and Interface:

The Prestmit app is user-friendly. To understand how the app works, you won’t need extra tutorials. The app’s user interface design makes it simple to navigate.

  • Live Chat:

Prestmit allows clients to communicate with customer service representatives and file complaints using the app’s live chat function which is available 24/7.

  • Security:

Everyone dreads downloading an app that exposes their personal information to scammers and other cybercriminals. Prestmit is a security-focused program that safeguard user details, assets and funds.

  • Best Rates:

Prestmit offers the most competitive prices on the market. The Gift Card rate calculator is a function of the Prestmit app. It’s automated and you can use it to keep track of the current rate of numerous Gift Cards. You can easily check rates of gift cards on the Prestmit website, updated daily. 

  • Instant Payment:

Unlike other gift card trading applications, Prestmit allows you to request a withdrawal and receive your payment in less than five minutes. When it comes to accepting Gift Card, Prestmit is known for its adaptability. Even if the gift cards are used abroad, you can sell a large number of them.

  • Multiple Payment Options:

Prestmit does not restrict Gift Card merchants to accepting only one type of payment. Prestmit app users can be paid for their Gift Cards with cash transfers (Naira and Cedis), Bitcoin, or USDT.

How To Sell Gift Cards For Bitcoins In Africa

Are you longing to trade your Gift Card for cash or crypto, instead of just exhausting the money on purchasing items you may not even need?

We’re here to assist you with that and give you the information you need to sell Gift Cards for bitcoins on Prestmit.

  1. Firstly, create an account and log in.

  2. Click on “Start Trade”

  3. Select ” Sell Gift Card” and scroll down the page to fill in the details.

  4. Select “Category” and further select the type of Gift Card.

  5. Select “GIFT CARD”: This is where you will further specify the type of  Gift Card you want to sell.

  6. Enter the “AMOUNT”: Enter the total amount of Gift Cards you want to sell.

  7. Upload File: This field is meant for uploading pictures of the Gift Cards if you have them in physical form but ignore this if you have the E-code format. Simply type the codes in the comment section.

  8. Select PAYOUT METHOD: If you are trading Gift Cards for cash, just select Bitcoin or USDT, as you wish.

  9. Finally, click “SUBMIT” and your payment will be made in a few minutes.

All payments are made instantly. 

With the information above, you are sure to get the best out of your Gift Card and Bitcoin by trading them on a reliable platform like Prestmit. As long as Africa is concerned, Prestmit app offers tons of outstanding services other exchanges dare not offer.

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Mark Brennan
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Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0.


Terra’s team said proposals urging people to preview its decentralized applications on the new chain are fake.

The unfortunate collapse of Terra ecosystem tokens has presented lots of opportunities for malefactors, who continue to take advantage of the situation to wreak more havoc on unsuspecting victims.

In a recent Twitter update, the TerraForm Labs team issued a warning to its users that it is yet to launch any decentralized application (dApp) on the Terra 2.0 as opposed to claims made by illicit actors.

Although a good number of developers have expressed interest in continuing to build on the Terra 2.0 network if it eventually goes live, the network is yet to launch as members of the community are still voting on whether the initiative will progress.

Speaking about the recent attempts made by malefactors to scam unsuspecting investors, TerraForm Labs noted that since these bad actors can now purchase LUNA at a discount, fake proposals have been made on Terra Station, in a bid to lure people to fraudulent dApps.

“These proposals claim to lead users to a preview of Terra 2.0 & dApps launched by us – which is not the case,” the team said.

Moves to Protect Terra Investors

In a bid to keep members of the Terra community safe, the team stated that it has made adjustments to the Terra Station proposals’ visibility.

Going forward, all new proposals will be added to an “allow list,” which can be accessed from the Governance section of the platform.

The TerraForm team ruled out the possibility of increasing the cost required to launch new proposals on its platform, as the process may take up to seven days.

CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

Mark Brennan
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CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

 

Binance CEO: Terra Had The Chance To Save Luna And UST When The De-peg Was At 5% But They Failed To Act.



There have been varying opinions from various people in the crypto community concerning what happened to LUNA and UST.

The two crypto tokens crashed prices within days, sending the entire Terra ecosystem into panic mode. The UST stablecoin lost its USD peg while LUNA shed off over 95% of its value. Of the many people who have come out to share opinions about the incident, Binance CEO has been among the most vocal.

Binance announced that the CEO has released an article covering what happened to UST and LUNA as well as the lessons that should be learned from the incident and what the future holds for the affected crypto ecosystem.

 

 

The Team Wasn’t Responsive

According to the CEO, the Terra team wasn’t proactive enough to forestall the UST and LUNA crash effects at their onset. If they had, the crash could have been averted at the earliest stage. Earlier on, CEO CZ had sent out a Twitter thread detailed Binance’s decision to suspend LUNA trading on its platform.

CZ expressed his displeasure with how the Terra team handled the crash, saying that the team wasn’t responsive despite Binance trying to reach out to help.

Apparently, the team didn’t respond to suggestions from Binance, and this caused further devastation to Terra. Also, during the critical period when the community needed constant updates to keep the faith, Do Kwon and his team went offline. This caused further damage to the already shaky community trust in Terra.

According to CZ, Terra should have moved to sell reserves and shore up UST’s price when it fell by 5%. Instead, Terra waited until the crash was too much for the reserves to positively impact.

Terra 2.0 Is A Bad Move

According to the article by CZ, forking LUNA and creating an entirely new chain is a bad idea. Instead, Terra should burn all the extra LUNA and create the scarcity that would then translate to an upward price action due to an increase in demand.

“The most stupid design flaw is thinking that minting more of an asset will increase its total value (market cap). Printing money does not create value; it just dilutes existing holders. Exponentially minting LUNA made the problem a lot worse. Whoever designed this should have their head checked.”

CZ isn’t the only one opposing the fork. The majority of the Terra community voted against it during preliminary voting. Afterward, Terra provided an amended proposal that is now being reviewed.

Binance Will Still Support The Terra Community

While Binance CEO isn’t exactly supportive of the planned LUNA fork, he said that Binance is ready to support the Terra ecosystem based on whatever decision is reached by the community.

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

Mark Brennan
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Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors. 


Following the recent market turmoil that plunged the prices of all digital currencies, Vitalik Buterin, the co-founder of the second-largest cryptocurrency Ethereum (ETH), has revealed that he is no longer a billionaire.

Buterin, 28, made the revelation on Twitter recently, saying: “I’m not a billionaire anymore.”

Although he did not add any comment to the tweet, it is evident that the Ethereum developer and co-founder were also affected by last week’s dip that plunged the prices of all cryptocurrency assets, including Ethereum.

Buterin, who had a crypto portfolio worth $1.5 billion in November 2021 has seen the value of his investments plunge significantly, as the general crypto market has lost over 50% value since then. The estimated net worth of Vitalik Buterin is 355,000 ETH.

While Buterin has not made public his entire cryptocurrency portfolio, it is expected that the majority of his crypto holdings will be in Ethereum.

ETH Down Over 50% Since ATH

According to data on cryptocurrency aggregator platform Coingecko, Ethereum, which was trading at around $2,700 on May 7, fell to a low of $1,824 a few days later following the collapse of TerraForm Labs ecosystem tokens LUNA and UST.

Although things appear to have stabilized this week, the cryptocurrency market has yet to recover from the dip last week.

At press time, Ethereum is changing hands at around $1,973, down 59.5% from an all-time high of $4,878 recorded in November 2021.

Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

Albert Brown
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Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

 

Crypto Market Is Not Ending Because Of Terra.



Since the collapse of the Terra blockchain ecosystem, there has been a pessimistic sentiment spreading within the crypto market.

This could be the reason why the entire crypto market has taken a bearish hit in recent days. Also, the anti-crypto entities want to capitalize on the current issues facing Terra to convince the world that blockchain and crypto technology is unreliable. On the other hand, there are people like Dr. Sean Stein Smith.

Dr. Smith is an advisor to the Central Bank Digital Currency Think Tank. He’s also an assistant professor at Lehman College.

Clearly, Dr. Smith is strongly pro-crypto and doesn’t mince his words in sharing his opinion about the industry’s future.

In a recent post, he opines that, although the Terra ecosystem was a bit of an embarrassment for the crypto community, it doesn’t signal the end of the crypto and blockchain industry as a whole.

Stablecoins Have Been Adopted Widely

Dr. Smith went on to say what almost everyone already knows, which is that stablecoins have achieved broad adoption due to their flexibility and ability to bridge the glaring gap between cryptos and fiat currencies.

Ideally, a stablecoin is supposed to be at par with the USD; one stable coin = 1 USD. As such, stable coins introduce a much faster and less costly means to switch between various cryptos and between cryptos and fiat.

On the part of UST, the stablecoin’s functionality is primarily entrenched in an algorithmic system.

This has the advantage of keeping tabs on the USD market movements automatically without manually altering or adjusting the prices.

Ironically, this was the fatal flaw that allowed an attacker to manipulate the system and lead to the crash of the Terra ecosystem.

Crypto Regulation Boosts Adoption

Cryptocurrencies have barely existed for a decade, meaning that regulatory authorities are still learning how to formulate appropriate policies to govern the industry.

While only a few governments have undertaken the task of regulating the crypto space in their jurisdictions, it’s clear that regulation is encouraging crypto adoption. That’s why cryptocurrencies and stable coins are here to stay.

As a matter of fact, the crypto industry has seen a massive influx of institutional funds into the markets.

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Lele Jima
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Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Gemini follows Coinbase to halt UST trading.


Following the crash of the Terra ecosystem tokens and the de-peg of TerraUSD (UST), U.S.-based cryptocurrency exchange Gemini has announced that it will be halting trading for the stablecoin next week.

The exchange, owned by Tyler and Cameron Winklevoss, announced via its Twitter account that trading of the stablecoin will be suspended on May 27 at around 5pm ET.

According to the announcement, after the suspension of UST trading, the stablecoin will still be available to trade via its ActiveTrader web platform in a limit-only mode.

Gemini ActiveTrader is a cryptocurrency trading interface offering order types, additional trading pairs, advanced charting, as well as deep order book visibility.

Furthermore, Gemini stated that UST withdrawals will still be allowed to compatible Ethereum wallets even after trading of the stablecoin is halted.

 

“We are closely monitoring the current status of $LUNA and it remains available in limit-only mode,” Gemini added.

Exchanges Suspend UST Ahead of Terra Fork

The announcement follows that of San Francisco-based exchange Coinbase, which also intends to halt trading of UST on its trading platform on May 27 following the volatility surrounding the TerraForm ecosystem assets.

It is worth noting that the date that trading of UST will be halted on both Coinbase and Gemini is the same date a decision will be taken by the Terra team, which will determine whether a new chain and LUNA tokens will be created.

Apparently, exchanges are trying to protect their clients from any negative effects that may arise from the creation of a new Terra chain.

At press time, UST is changing hands at around $0.05 across various trading platforms, representing a 22% decline in value in the last 24 hours.

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