Binance CEO CZ will assist the Terra community, but he expects greater openness.
CZ stated that “minting and forking don’t produce value,” referring to the possible concerns with forking Terra. Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, publicly questioned the concept of hard forking the Terra blockchain to revitalize the once-thriving LUNA and UST ecosystems. Following that, CZ shared his thoughts on the best course of action for failing projects in the crypto community. “This won’t work,” CZ stated, dismissing the validators’ notion of a hard fork to TERRA2, which would entail giving a new version of LUNA to all holders based on a snapshot of the holdings before the market crash.
Instead, he proposed that the Terra community first spend its Bitcoin (BTC) reserves to repurchase UST to restore its pegging. CZ stated that “minting and forking don’t produce value,” referring to the possible concerns with forking Terra. He did, however, propose purchasing back and burning as some of the best ways to restore the token’s market value. CZ expressed his support for the Terra community while emphasizing the need for “greater transparency from them.” Much more!,” which contains information about particular on-chain transactions (transaction ids) for each fund.
CZ went on to mention that Binance had no energetic investments in Terra and had now no longer received any UST holdings, placing to relaxation the chronic speculations on Crypto Twitter regarding Binance’s involvement in Terra. Binance Labs, Binance’s funding arm, has invested in some of the tasks during the last 4 years, with various levels of achievement and failure, in line with CZ. Binance changed into some of the first to prohibit UST and LUNA exchange on its platform while the Terra atmosphere commenced dying. As a result, slightly an afternoon after Terra blockchain validators have been compelled to take the community offline on May 12, Binance clients have been not able to identify exchange LUNA/BUSD and UST/BUSD pairings.
Read more Terra Blockchain has temporarily halted block production and plans to restart the network with a patch.