Binance CEO CZ to support Terra community but expects more transparency

A person wearing sunglasses posing for the camera Business

Binance CEO CZ to support Terra community but expects more transparency

Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.”

Changpeng “CZ” Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community.

“This won’t work,” said CZ while dismissing the validators’ idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders based on a snapshot of the holdings before the market collapsed. CZ suggested:

Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” However, he recommended buying back and burning as some of the ideal means to revive the token’s market value. While showing support for the Terra community, CZ highlighted the need for “more transparency from them. Much more!,” which includes details about specific on-chain transactions (transaction ids) of all the funds:

Binance was among the early birds to have suspended UST and LUNA trading on its platform as the Terra ecosystem commenced its death spiral.

As a result, Binance users were no able to spot trade LUNA/BUSD and UST/BUSD pairs, just a day after Terra blockchain validators were forced to take the network offline on May 12.

Rate article
( No ratings yet )
FORECRYPTO