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Terra Luna’s historic collapse has caused a ripple effect throughout the crypto market and some experts are projecting that the collapse will take its toll on the traditional markets …when all the dust is settled. Do Kwon, the animated Terra Lab CEO and Co-Founder, went uncharacteristically dark for 2 days on Twitter during the height of the crisis, only to come back with a game plan on how to revive the former top 10 coin.
Terra temporarily halted its blockchain to mitigate the risks of governance attacks. Binance delisted LUNA and UST, removing both coins from margin and spot markets. Trading was resumed for both later that day, but exclusively against Binance’s own stablecoin, BUSD. Zhao tweeted, “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team.”
Ethereum creator Vitalik Buterin had a bit more critique of the situation. Buterin attacked the whole premise of a stable coin, not just the revival gameplan;
In response to tweet that suggested we stop “experimenting” with ponzis, algostables, yield farming and other unsustainable nonsense.
Buterin replied;
Agree hard on this, with the one quibble that "algostable" has become a propaganda term serving to legitimize uncollateralized stables by putting them in the same bucket as collateralized stables like DAI/RAI, and we need to really emphasize that the two are very different.
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