CZ, SBF ja Vitalik Buterin jakavat näkemyksensä Teran romahduksesta

Terraa tukevan organisaation Luna Foundation Guard on selittänyt markkinapokia ja miten se reagoi. LFG tarkensi, että se käytti varantojaan yrittäessään pysäyttää verenvuodon.

Terra kulutti $3 miljardin varantonsa yrittäessään palauttaa UST:n dollarikytkennän

After days of speculation, the Luna Foundation Guard has provided an update on the fate of its $3 billion UST crypto backing. The LFG explained in a Twitter-säikeessä posted today that it used a large proportion of the reserves as it struggled to support the freefalling UST.

Alkuperäisestä 80 294 Bitcoin -omistuksesta LFG:n varannot ovat pudonneet 313 BTC:iin. LFG kertoo, että kun UST menetti kiinnityksensä ja alkoi vajota 8. toukokuuta, se alkoi vaihtaa varantoja UST:ksi suorilla ketjussa tapahtuvilla swappeilla, jotka mahdollistivat kolmannen osapuolen pääsyn kauppoihin LFG:n kanssa lyhyellä varoitusajalla. Tämä voittoa tavoittelematon organisaatio myi 26 281 671 USDT:tä ja 23 555 590 USDC:tä yhteensä 50 200 071 UST:ksi. Lisäksi vaihdettiin 52 189 BTC (nettoylijäämä 5 313 tokenia palautettiin) 1 515 689 462 UST:ksi.

Kun tilanne paheni, käyttäen 10. tammikuuta 2022 tehtyä Master Service Agreement -sopimusta, jonka avulla Terraform Labs voi hallinnoida “rahoitus-, hallinto- ja operatiivisia toimintoja, sekä pyydettyä tukea,” Terra:n tukija vaihtoi 33 206 BTC:tä UST:ksi. 12. toukokuuta se vaihtoi 883 525 674 UST:ta 221 021 746 LUNA:ksi suojautuakseen hallintohyökkäykseltä.

Tällä hetkellä LFG:llä on edelleen 39 914 BNB:tä, 1 973 554 AVAX:ia, 1,85 miljardia UST:ta ja 222 miljoonaa LUNA:a (joista suurin osa on panostettu) lisäksi 313 BTC:tä. Säätiö kertoo suunnittelevansa jäljelle jääneiden omistusten jakamista vaikuttuneille käyttäjille, aloittaen pienimmistä, mutta jakelumenetelmää ei ole vielä määritelty.

FTX:n johtaja kiistää väitteet, joissa Terra:n luojaa kutsutaan kryptovaluuttojen Elizabeth Holmesiksi

Following the Terra ecosystem’s recent implosion, CoinDesk wrote up a piece comparing Terraform Labs CEO Do Kwon to the infamous American entrepreneur convicted of criminal fraud, Elizabeth Holmes. The Theranos founder sold investors a fake promise of a medical diagnostic invention.
FTX CEO Sam Bankman-Fried has, however, defended the troubled Terra executive. Bankman-Fried noted in a recent Twitter thread that “not all bad things are the same bad thing.” The FTX chief explained that even with the collapse of LUNA/UST, Do Kwon didn’t lie as the Holmes did, hence the comparisons are unfitting.

Rakenne oli aina tuomittu

Bankman-Fried added that while the whole idea of a UST stable coin backed by decentralized money was transparent, it was, in fact, misrepresented.

He noted that the Terra founder stood by his creation even though he knew its failure was imminent – Do Kwon didn’t establish inaccurate claims of a UST stable coin backed 1:1 with the US dollar.

Sam Bankman-Fried explained that the backing by volatile assets (crypto assets) was an apparent sign of failure to the entire public. In his view, the downfall was going to come sooner or later as its failure was evident to all.

He noted that LUNA was built by “mass enthusiasm, excitement, and marketing and memes,” which is why users onboarded. Comparing it to others, including Cathie Wood’s ARKK Investment, AMC, and Netflix (NFLX ), all of which have lost more than 50% in value this year, he concluded that LUNA was simply a bad investment.

CZ kumoaa Binance‑UST‑sijoitushuijaukset

The CEO of Binance, the first major exchange to delist LUNA and UST pairs following the disruption of the Terra network, Changpeng Zhao, yesterday took to Twitter to clear rumors that had been floating over Binance’s role as an investor in UST.

Responding to the tittle-tattle, the Binance CEO noted that the past few weeks have been a “watershed moment” for cryptocurrencies referencing Terra’s breakdown and the resilience seen in the current bear market.

Zhao first denied rumors that Binance’s action on UST trading was tied to its investment in the stable coin. He said that Binance only ever put $3 million into Terra – a layer 0 blockchain – in 2018, before the creation of UST. He clarified that Binance hadn’t acquired any UST and didn’t take part in Terraform Labs’ second-round raise.

Zhao had mentioned in a different tweet that any little UST the exchange held was from trading fees. He has since revealed that the exchange holds a further $12 million in UST (from staking, not purchases) and 15,000,000 LUNA it received as part of its 2018 investment.

Even with that, Zhao said that such is the nature of investments, as they do not assure success noting that Binance Labs, which the CEO said has invested in “hundreds of projects over the last four years,” has had its share of both successes and failure. Still, he advocated for transparency and immediate action whenever there’s a failure such as Terra’s. He also reiterated Binance’s commitment to supporting a Terra comeback.

CZ hyökkäyksessä

Zhao, who labeled UST an over-leveraged stable coin, said that the downfall of the Terra network was pushed by the idea that minting saves a falling token. In reality, he explained, it only takes away value from the existing holders, as in the case of LUNA.

The Binance executive’s insistence is on token burns to regulate the circulating supply rather than the proposal to migrate to LUNA2 and UST2 via a hardfork to an older date before the markets capitulated. He also questioned where the Bitcoin backing supposed to support the UST peg went, but he seems to have gotten an unofficial response.

Ethereum‑luoja Vitalik Buterin korostaa “pienet käyttäjät ensin” -lähestymistapaa suojellessaan sijoittajia UST:n romahduksen keskellä

Ethereum co-founder Vitalik Buterin is another one to weigh in on the ongoing troubles of the Terra ecosystem. The Canadian-Russian developer backed a suggestion to reimburse smallholders first, then whales later. Buterin wrote in a quoted response to a Twitter thread by a user suggesting a focus on the smaller wallets.

Jokinlaisesta jakelumenetelmästä

The idea was that while Terra is currently looking to make investors whole again, it should prioritize settling the poorest 99.6% of wallets, as a considerable proportion of the community would be fully sorted. Buterin voiced his strong support for this submission that would mean “coordinated sympathy and relief for the average UST smallholder” who was hoodwinked by fake promises of a massive yield of up to 20% of their stable coin holdings.

According to Buterin, the wealthy investor can then be sorted later.

He also observed that in Singapore, where Terraform Labs is headquartered, the law favors the small-timer with a stiff regulatory stance, but not so much for wealthier figures. Buterin posted a screenshot of Part IV of the Employment Act.

The Ethereum creator also questioned the idea of an ‘algostable,’ terming it a misleading term that’s grouping uncollateralized stablecoins in the same pool as collateralized stables.

Collateralized stables such as DAI are backed by assets in reserve with reference to a particular standard such as fiat in the USD or AUD.