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Burn The Remaining Terra USD (UST) Vote Passed But Failed to Execute Due to Technical Issues

Albert Brown
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Burn The Remaining Terra USD (UST) Vote Passed But Failed to Execute Due to Technical Issues

Terra’s Proposal to Burn UST Failed to Execute Due to Technical Issues.


 

The team’s proposal to burn UST failed, as a new proposal is launched toward that effect.  

TerraForm Labs, the organization in charge of the Terra ecosystem, has been working round the clock to ensure investors who incurred huge losses via the de-peg of its stablecoin UST are made whole again. 

After launching a proposal to create a new chain that will airdrop new LUNA tokens to holders of the old ones LUNA Classic (LUNC), the team decided to heed calls from the community and burn the remaining UST in its community pool and cross-chain liquidity incentive. 

However, efforts to launch the proposal failed due to a technical issue, the TerraForm Labs team stated on Twitter. 

Proposal 1188, which was created to burn the remaining UST present in the community pool and cross-chain liquidity incentives, had already passed the necessary requirements; however, it failed to execute because of technical issues. 

Explaining the development to the Terra community, the team said the technical issues came from the fact that the proposal attempted to “burn more UST from the pool than existed.” 

Building Developer of Terra, Will Chen Said: “Terra can’t make it “disappear” – the vote passed and was executed automatically by the system. However the execution failed due to incorrect parameter (malformed proposal that was not caught by proposer).”

However, the team is still committed to making investors whole again, as it disclosed that a new proposal 1747 has been launched with updated parameters to facilitate the burning of UST. 

“If passed, this proposal will burn the remaining UST in the Community Pool + cross-chain liquidity incentive $UST,” the team added.  

Meanwhile, voting is still ongoing to determine whether a new Terra chain and LUNA tokens will be created. So far, things seem likely that a new Terra chain will be created as most of the voters support the initiative. 

Shiba Inu Lead Developer Says Things Will Get Interesting Next Week 

Mark Brennan
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Shiba Inu Lead Developer Says Things Will Get Interesting Next Week 

Something Interesting coming for Shiba Inu community.


The Shiba Inu team is still in the business of releasing significant features, as it teases the community with an interesting development that will be revealed next week.

Shiba Inu pseudonymous lead developer Shytoshi Kusama, has teased members of the SHIB community about interesting developments that will be unveiled next week.

The lead developer of the popular memecoin made this known on Twitter today, saying: “Thanks for letting me push in silence for this week. Next week, things will begin to get interesting.”

It is not clear what the Shiba Inu team has up their sleeves this time, as they are known to always surprise the community with new and exciting developments that are unveiled almost on a weekly basis.

Shiba Inu Game Close to Launch?

Kusama also commented on the project’s upcoming play-to-earn (P2E) game that is still under development by Playside Studios and veteran game developer William Volk.

He noted that he has seen some of the graphics of the much-anticipated Shiba Inu Collectible Card Game (SHIB CCG) and he is impressed with how things are going with the project.

Kusama added that he is eager to share some art of the game with members of the SHIB community in order to prepare them for what is to come.

“Also I saw some GREAT art from @PlaysideStudios for our Shib CCG. Can’t wait to share. Great work mates,” Kusama tweeted earlier today.

Shiba Inu Ascertaining It Is More Than A Memecoin

The team is committed to launching the SHIB CCG in earnest in a bid to further increase the utility of its native cryptocurrency and further demonstrate that Shiba Inu is more than a memecoin.

Last week, Kusama shared that as part of the game development, the team generated a SHIB narrative to add to the CCG’s story to make it more interesting than just memes and battle cards.

“I’ve created a story that spans not only this galaxy but the next while giving a continuing plot for the game and MV (without imposing any limits),” Kusama said.

Meanwhile, lots of interesting developments have been unveiled to the Shiba Inu ecosystem, earlier this week, the team commenced the distribution of rewards to those who have participated in the official Shiba Inu burn program.

The team also announced a partnership with Red Bull, to further bolster the utility of the cryptocurrency.

Bill Gates Says He has Not Invested In Crypto Because It is Valueless to Society 

Lele Jima
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Bill Gates Says He has Not Invested In Crypto Because It is Valueless to Society 

The former world’s richest person does not have any love for crypto.

Bill Gates, the co-founder of popular tech company Microsoft disclosed that he does not own any cryptocurrency because he does not consider the asset class as valuable investments.

The world’s fourth richest man made the revelation during an Ask Me Anything (AMA) exchange on social media platform Reddit, as reported by Forbes.

Gates noted that he likes investing in things that have valuable output like companies’ shares, where the types of products launched by these firms will determine their worth.

However, he does not think the same for cryptocurrency investments because, according to the Microsoft exec, the asset class does not add value to society.

“The value of crypto is just what some other person decides someone else will pay for it, and it is not adding to society like other investments,” Gates said.

Gates Is Not a Crypto Fan

The Microsoft boss has never been a fan of cryptocurrencies, especially Bitcoin. In February, Gates expressed concern about the rapid adoption of the asset class, which has continued to cause huge losses for retail investors.

Gates probably has a point as the past few weeks have been traumatizing for cryptocurrency investors, who have incurred major losses as a result of UST and LUNA dips.

TerraForm Labs tokens, including UST and LUNA, dipped beyond measure, and subsequently dragged the entire cryptocurrency market with it.

While Bitcoin is down 30.3% in the last 30 days, Ethereum has shredded over 37% of its gains in the same period.

Gates to Crypto Investors: Tread Carefully

Although cryptocurrencies are considered a hedge against rising inflation, investors are advised to tread carefully, as things may turn sour in the market within a millisecond.

Gates also called on investors to tread with caution in an interview in February, saying:

“If you have less money than Elon, you should probably watch out.”

Traditional Financial Investors Against Bitcoin

The Microsoft boss is not the only traditional financial investor who has declined to venture into cryptocurrency investments.

Peter Schiff, a popular American stock broker, has continued to publicly slam Bitcoin, especially during market dips, calling it the asset class fools’ gold.

Binance CEO Says UST and LUNA Crash Could Have Been Avoided If Terra Used Its Bitcoin Reserve Earlier 

Lele Jima
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Binance CEO Says UST and LUNA Crash Could Have Been Avoided If Terra Used Its Bitcoin Reserve Earlier 

CZ is still not happy with the way Terra handled last week’s situation as he believes the crash could have been avoided if the team had acted swiftly. 

Changpeng “CZ” Zhao, the CEO and founder of world’s largest cryptocurrency exchange Binance, has been vocal about the Terra crash, since the unfortunate incident befell the company. 

The Binance CEO has disagreed with the TerraForm Labs team on different occasions despite the trading platform having a significant investment in the plummeted Terra token LUNA. 

Despite weighing in on the Terra situation in the past few days, CZ published a new article today, slamming the TerraForm Labs team for not moving swiftly to save the ecosystem tokens from becoming valueless. 

Recall that UST lost its peg to the dollar and crashed significantly as a token that its developers pulled the rug on investors. 

CZ’s Recent Comment on LUNA’s Crash

Speaking about the crash of UST, CZ noted that the entire incident could have been avoided if only the Terra team had quickly used its Bitcoin reserve when the stablecoin’s de-peg was at 5%. 

According to CZ, the Terra team called its Bitcoin reserve to action when UST was almost beyond redemption and has already crashed over 98%. 

“After the value of the coins had already crashed by 99% (or $80 billion), they tried to use $3 billion to do the rescue. Of course, this didn’t work,” CZ noted. 

He noted that while the plunge did not look like a scam to him, he felt it was a stupid decision to use the Bitcoin reserve when things were out of control. 

CZ added that one of the lessons learnt from Terra’s late decision to use its Bitcoin reserve on time is that people should “always be operationally extremely responsive.” 

Aside from being slow in using its Bitcoin reserve to save the situation, CZ said the Terra team caused major panic by not frequently communicating with its community, which could have preserved the trust users had for the project. 

“Lastly, I have mixed feelings about the revival plans provided by the Terra team. But as I said, regardless of my personal feelings, we will be here to support the community’s decision,” CZ said. 

Recall that CZ joined the Terra community to call on the TerraForm team to buyback or burn LUNA tokens in order to bolster its value. 

Tether CTO: LUNA And UST Were Flawed In Design But Not A Rug Pull

Albert Brown
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Tether CTO: LUNA And UST Were Flawed In Design But Not A Rug Pull

The team at Terra has been struggling to save LUNA and UST after a sudden crash that sent the price of LUNA spilling down to pennies while UST was de-pegged from the US Dollar. Details of what really happened have left some people claiming that Do Kwon and his Terra Team were either incompetent in solving the apparent problem or were actually executing a rug pull to steal billions from unsuspecting community members.

However, according to people like Paolo Ardoino, the issues facing the Terra ecosystem, especially weren’t deliberate, but rather a serious problem that pointed to a flaw in the designed of the ecosystem as opposed to a rug pull. Paolo is the CTO of crypto exchange Bitfinex and Tether. Tether (USDT) is a stablecoin just like UST, but it’s bigger in the market. Paolo offered his opinion in a recent interview.

“It’s All Fun And Games Until…”

According to the Tether CTO, it’s very easy to manage a small value ecosystem as opposed to the intricacies involved in managing issues in a large, multi-billion coin market like UST and LUNA were.

For one, selling the backing collateral or reserves could work well to maintain the peg for a small stablecoin or cryptocurrency since a little push would create a notable market upswing and result in a pump to increase price and demand. However, for a larger coin with a market cap of over $15 billion, this mechanism may not work very well.

Paolo said,

“It’s all fun and games until you are a 10 billion stablecoin. And then it becomes much harder the faster you grow, the more you grow, right, because if you are a stablecoin, especially an algorithmic stablecoin..”

It Was A Cascade Situation

Going on, Paolo opined that the continuous crash of the UST and LUNA prices resulted from a cascade created by the selling of reserves. The reserves were small compared to the coin’s market cap, meaning that they weren’t enough to pump price but were achieving the opposite effect of a “bank run” whereby people started panic dumping instead of buying. The more the price fell, the more Terra saw the need to sell more reserves, and the more the dumping happened. The cycle continued until the LUNA’s price was reduced to almost nothing while UST was de-pegged.

Two Major Indicators Suggest Bitcoin (BTC) Possible Price Rebound Above $35,000 

Lele Jima
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Two Major Indicators Suggest Bitcoin (BTC) Possible Price Rebound Above $35,000 

There is a likelihood that Bitcoin’s price will rebound soon as it currently sits around major support levels.  

Following last week’s market turmoil that saw Bitcoin (BTC) dip from nearly $40,000 to below $27,000, the world’s largest cryptocurrency has been relatively stagnant around $30,000 in the past days.

Massive BTC Accumulation

The reason for BTC stagnation in price around $30,000 is because of the widespread accumulation of the asset around the price level.

According to fresh data shared by top cryptocurrency analyst Ali Martinez, Bitcoin is currently in a major support level where over 1.23 million addresses accumulated nearly 850,000 BTC between the prices of $29,330 and $30,200.

Based on the massive accumulation of nearly 850,000 BTC between $29,330 and $30,200, it is expected that the 1.23 million addresses that purchased the asset class at that price would hold the cryptocurrency with the hope of making gains.

With Bitcoin trading between $29,400 and $30,500 in the last 24 hours, it would be good for investors if BTC holds this price, as it would give the top asset class a chance to rebound above $35,000.

However, if Bitcoin fails to hold the price levels where more than 1.23 million addresses purchased 850,000 BTC, the top asset class could resume its downtrend and investors could see a price lower than what was recorded on May 12, 2022.

 

Bitcoin’s Negative Funding Rate Suggests Potential Rebound in BTC Price

Meanwhile, on-chain data shared by Martinez suggests that Bitcoin funding rates across all exchanges have remained negative in the past few days.

Negative funding rates for Bitcoin suggest that short positions are dominant and could bode well for the world’s largest cryptocurrency.

“This is a positive sign for a potential rebound in $BTC price,” Martinez wrote on microblogging platform Twitter.

Bitcoin Funding Rates

It is worth noting that funding rate is an indicator that is used to measure the periodic fees BTC futures traders would be required to pay one another to hold their positions.

A positive funding rate implies that long traders are dominant and are paying premium fees to short traders. However, a negative funding rate means that short positions are higher and pay premium fees to the long traders.

Majority Of Terra Community Wants New Luna Chain Without UST

Mark Brennan
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Majority Of Terra Community Wants New Luna Chain Without UST

The Terra community has been deliberating on the way forward after the crypto lost over 95% of its ATH value. Many in the crypto community at large have offered their opinions regarding a possible revival of the Terra ecosystem. However, a recent proposal by Do Kwon and Terra team to fork LUNA didn’t go down well with the majority.

Now, Do Kwon is fielding another plan to the community. The plan is to create another LUNA chain with new LUNA coins without linking it to UST. For starters, it’s the market attack that happened on UST that caused the crash of the entire Terra ecosystem. This is perhaps the reason why the community is now in favor of Do Kwon’s current proposal. A tweet shared by Watch Guru shows that the around 79% of the LUNA community is in support of the new plan.

The Vote

At the time the tweet was shared, voting had covered around 43.8% of the community, with 3.5% abstaining from the vote. About 0.32% voted NO while 16.45% voted NO with Veto. However, it’s clear that 79.71% of the voters are in the YES camp.

Initial Fork Proposal Rejected

A few days ago, Terra fielded another proposal to fork Luna. This plan would create two coins – new LUNA and old LUNC. However, at the time, 90% of the community wasn’t in favor of this plan. This resistance was probably because Do Kwon and his team planned to retain the UST connection with the new LUNA.

Many were of the opinion that all the extra LUNA should be burned to reduce the coin’s total supply and create demand. This would work to shore up the crypto’s price and save the ecosystem. It’s not yet clear whether the final tally after the voting will still be in favor of the new plan, but there’s growing optimism considering that the YES camp started with a clear lead.

Terra Amends Terra 2.0 Proposal To Accommodate Community Feedback

Albert Brown
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Terra Amends Terra 2.0 Proposal To Accommodate Community Feedback

A few days ago, the Terra team, led by Do Kwon, made a proposal to the community to fork LUNA and create a new LUNA coin in a new chain. It was named Proposal 1623. However, the community has been reluctant to accept the proposal, with the majority opting to burn LUNA instead. Still, Do Kwon and his team seem to be overly determined to push their proposal through.

In a recent twitter thread, Terra has announced an amendment to the initial proposal. This could be seen as an attempt to woo the community into accepting its plans. The announcement introduced a few changes to the proposal.

Increase Genesis Liquidity

When the fork happens, the initial coin supply will be increased from 15% to 30% to offer more liquidity for all UST and LUNA holders. This will also be tuned to give leeway for the team to mitigate inflation in the future.

LUNA Holders To Get New Liquidity Profile

Those who held LUNA before the crash will have new liquidity profiles. Those with less than 10k Luna will enjoy the 30% initial liquidity as well as access to the other 70% over a 2-year period. This measure may be aimed at boosting token distribution in the community in a balanced manner as opposed to a few whales holding huge percentages of the coin supply.

Initial UST Holders To Get Less

Those who bought UST after the crash will get less token allocation which will be reduced from the initial 20% to 15%. This will work to make sure that the original stakeholders of LUNA will be at par with the UST holders who bought after the de-pegging.

Community To Review Amendments

In the announcement, Terra said that it will give the community a 5-day period to review the amendment and vote on it. It’s yet to be seen whether the community will accept the changes and agree to implement the LUNA fork or if this new twist will create a backlash within the community. Results will be out in 5 days.

Australian Largest Bank Halts Rollout of Its Cryptocurrency Trading Service After UST and LUNA Crashed 

Lele Jima
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Australian Largest Bank Halts Rollout of Its Cryptocurrency Trading Service After UST and LUNA Crashed 

Australian Largest Bank Halts Roll Out of Its Cryptocurrency Trading Service After UST and LUNA Crashed 

The Commonwealth Bank of Australia has halted its in-house cryptocurrency trading program after Terra tokens suffered huge losses. 

Following the collapse of Terra (LUNA) and TerraUSD (UST) that crashed the prices of digital currencies, Australia’s largest bank, the Commonwealth Bank of Australia (CBA), has halted the launch of its cryptocurrency service, which it planned to unveil later this year. 

According to a Guardian report today, CBA, which initially rolled out its cryptocurrency pilot program to selected customers earlier this year, paused the service as the prices of cryptocurrencies plummeted last week. 

The bank has not disclosed when it plans on resuming the pilot program before a date for a full rollout will be announced. 

CBA Awaiting Users’ Feedback and Crypto Regulation Before Taking Next Step

Matt Comyn, the CEO of CBA noted in a tech briefing earlier this week that it is still waiting for customers’ feedback as well as adequate regulation before the bank would proceed to the next stage of its cryptocurrency trading program. 

“As events of the last week have reinforced, it is a very volatile sector that remains an enormous amount of interest. But alongside that volatility and awareness and I guess the scale, certainly globally, you can see there is a lot of interest from regulators and people thinking about the best way to regulate that,” Comyn added. 

At the moment, Australia’s Federal Treasury is still receiving input on the best way to regulate the nation’s cryptocurrency space until May 27. 

“Our intention still, at this stage, is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate,” Commonwealth Bank CEO said. 

Terra Tokens’ Crash Plunges Other Cryptos

The development comes after Terra’s stablecoin UST lost its peg to the dollar, which proceeded to affect LUNA and the entire cryptocurrency market. 

Although the Commonwealth Bank of Australia did not include UST and LUNA in the list of cryptocurrencies it planned to offer to its customers, the ten digital currencies listed also suffered huge losses over the past week. 

While LUNA dipped to a low of $0.00000009, cryptocurrencies like Bitcoin and Ethereum were not spared as they also plunged to a low of $27,000 and $1,824, respectively. 

 

Swiss Luxury Watchmaker, TAG Heuer Now Accepts Shiba Inu (SHIB) as a Payment

Zabi
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Swiss Luxury Watchmaker, TAG Heuer Now Accepts Shiba Inu (SHIB) as a Payment

If you are a resident of the United States then you can now grab your TAG Heuer with Shiba Inu (SHIB) right from the brand’s own e-commerce platform.

Swiss luxury watchmaker, Tag Heuer is set to accept Shiba Inu (SHIB) as a payment in partnership with BitPay.

Tag Heuer, the luxury watchmaker added support for Shiba Inu (SHIB) along with 12 other major cryptocurrencies on its own e-commerce platform.

The complete list of supported cryptocurrencies includes Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), USD Coin (USDC), Bitcoin Cash (BCH), Litecoin (LTC), Dai (DAI), Wrapped Bitcoin (WBTC), Gemini Dollar (GUSD), Pax Dollar (USDP), Binance USD (BUSD), and Ripple (XRP).

The move comes after the luxury brand noticed the rise in the number of customers using digital currencies. As per the official website, U.S. customers could spend as much as $10,000 of equivalent USD value in crypto. However, no minimum limit is set for the purchase.

On this event, Frédéric Arnault, CEO of TAG Heuer said:

“As a luxury brand, we had to ensure that our entrance into Web3 would meet our standards of excellence, and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible.”

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