As the price of ‘UST’, which was distributed as a stable coin, plummeted, it was difficult to recover, and the publisher Terapom Labs decided to abandon it and build a new blockchain Terra 2.0.
However, the virtual asset industry is note this. This is because investors who believe that they will maintain value like any stable coin are avoided.
It is pointed out that the reserve used by Terra also needs to be explained. It is necessary to examine whether the reserve was properly invested in the process of tens of trillion won in terra in a few days.
Because of this, not only in Korea but also in the world, sanctions for terapom labs are predicted. Exchanges are mixed with domestic and foreign companies. Domestic companies believe that Terra Form Labs will not fulfill its responsibilities as a issuer, so Terra 2.0 coin will not be listed. On the other hand, many overseas companies have noticed listing support.
■ New ‘Luna’ published… Silence in the industry
Terra announced on the 28th that it will release ‘Terra 2.0’ at 3 pm. This is to divide the terra blockchain to build a new blockchain without UST. When Terra 2.0 is launched, Luna, a virtual asset used to maintain the existing USST price, will be referred to as ‘Lunc’ and issued a new LUNA in 2.0.
Along with this, the new LUNA Airdrop will also be issued. Existing USST · LUNA holders are targeted. Terra explained that by holding a new LUNA, it is possible to participate in the governance of a new terra chain, use it for newly released DApps, or trading on exchanges.
This is a matter of 65.5%of the votes in the governance voting of Terra Blockchain Verifiers on the proposal of the Terra 2.0 release on the 17th.
The results were different from the overwhelming opposition in the Terra community voting, which is due to the characteristics of governance voting. It is a structure that makes decision making in the desired direction because of the right to vote in proportion to coin reserves. The more you invested a huge sum of money in Luna, the greater the proportion of approval as you would like to preserve the damage through the new Luna.
Investors who oppose this are seen as a move to ignore the criticism that Terraform Labs has made a plunging prices by designing UST value maintenance algorithms. This is because the analysis that it was difficult to avoid the ‘bank run’ in the fall of all virtual assets in conjunction with Luna and controlled value.
In other words, investor compensation should be preceded as the incident is not an unexpected accident, but because of the sale of the wrong product.
Suspicions about the reserve exhaust process are also raised. On the 16th, Terra had a reserve of about 2.8 trillion won until the last 8 days when ‘Diveging’ was not maintained for the UST, but after Digeging, about 80,000 Bitcoin and other reserves. He said he was exhausted and left about 400 billion won.
The Wall Street Journal said on the 24th that Terraform Labs used to sell a large amount of $ 3.5 billion in reserves and buy USST.However, according to the analysis of the cryptocurrency risk management company, the Terra side moves to the exchange and specifically. He pointed out that the transaction details are not open. It is unknown whether it was used for actual USST price defense or moved to a personal exchange account.
Terra said that it would compensate for US micro investors using the remaining reserves, but it was also a problem that it has not yet made a specific compensation plan.
■ “Terapom Labs, inadequate response to USST”… Domestic exchanges, 2.0 support plans
Since the USST crash, authorities have been in a hurry to inspect the virtual asset market and supplement regulations. The situation is in line with the point that the impact has increased due to the lack of regulations on the entire market subjects such as virtual asset issuers and exchanges.
According to the domestic situation, the National Assembly plans to rush the discussion of the Basic Digital Asset Act of the Rights Law on the virtual asset industry. At the same time, the company ordered an industry self-response to domestic virtual asset exchanges.
After investigating the LUNA investment status of the exchange, the financial authorities conducted on-site inspections on companies that are related to terapomlabs, such as the difference in payment service.
Recently, the Joint Investigation Division of the Financial and Securities and Securities Crime, which was reinstalled by the Seoul Southern District Prosecutors’ Office, has also been divided into Terra crisis as the first case.
While the authorities showed a strict response policy on the terra crisis, five exchanges that support the domestic won market decided to abolish LUNA. After the release of Terra 2.0, the new LUNA Airdrop, which is conducted for existing LUNA investors, will be supported, but will not be listed.
A virtual asset exchange official said, “The regulatory authorities may be watching, but the listing of coins is the unique authority of each exchange.” ‘It’s all about one word. “
“Terra 2.0 is only a new coin allocation plan, and the specific operation policy has not been confirmed,” he said.
On the other hand, global exchanges such as Binance, FTX, Crypto.com, Huobi, Bit Finex, Bibit, Gate Io, Kucoin, and Bitru have announced that they will support Terra 2.0.