Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
A key part of Terra’s recovery plan is the removal of Do Kwon’s Terraform Labs and making the blockchain completely community-owned.But this aspect of the plan may have been premediated. An old interview of Kwon, which resurfaced recently, shows the Terra founder talking about a “kill switch” for Terraform Labs (TFL).
Ethereum founder Vitalik Buterin said on Friday the Ethereum Merge, ie a transition to a proof-of-stake (PoS) protocol, will most likely happen by August this year.Speaking at the ETH Shanghai Web 3.0 Developer Summit, Buterin said that in case of potential risks, a delay to September or October is possible.
After suffering brief resistance from traders following the Terra ecosystem meltdown recently, the USDD stablecoin appears to be regaining steadily. Adding to this trend is increasing market expansion for the Tron-backed stablecoin.
Lido, one of the largest Ethereum-based DeFi protocols, opened a community debate on whether to support Terra after its hard fork.A community proposal endorsed by the main Lido team presents four scenarios for users with regards to supporting Terra, and intends to eventually open community voting on the matter.
Avalanche cleared the air over the $92 million worth of AVAX tokens held by Terraform Labs and the Luna Foundation Guard (LFG).The blockchain said that it does not believe Terra will sell its holdings of the tokens, and that it is willing to assist in any AVAX sales.
KuCoin Token (KCS), the native token to the fifth-largest crypto exchange, blazed past the 50 biggest cryptos this week.KCS is up 28% in the past seven days at $15.64. It has also jumped over 8% in the past 24 hours.
The crypto market crash last week has vastly shaken the crypto industry, with volatility witnessed in stablecoins too. The de-peg of TerraUSD (UST) and a brief decline in Tether (USDT) saw redemptions of more than $30 billion in top stablecoins in a week.
The Bitcoin(BTC) price retest of the overhead resistance trendline teases a breakout entry for interested buyers. However, 50 EMA offering constant resistance to the price action may interrupt the potential rally.