• May 27, 2022

Terra 2.0 is ready to debut this May 27

Terra 2.0 is ready to debut this May 27

The Terra team has been working tirelessly to revive the ecosystem after the decoupling fiasco. In what is the latest development, the team announced that they will officially launch a new blockchain called LUNA 2.0.

“Terra’s government proposal No. 1623 to rename the existing network Terra Classic (LUNC) and reborn a new block chain Terra (LUNA) has been officially approved!ยป.

This officially means that the new LUNA 2.0 will be released in the next 2 days, on May 27, 2022. In particular, the proposal to rename and create a new blockchain received more than 200 million votes in favor. 1 million of them voted against this proposal, while 64 million of them abstained from voting for it.

This fork would now allow applications that were hosted on the old Terra blockchain to migrate to the new one instead of having to work on their projects again.

According to the recovery plan, millions of LUNA tokens would be distributed to followers. The value of it is expected to increase once people end up adopting the new blockchain. Essentially, voting was open to LUNA HODLers and one token was equivalent to one vote.

Token distribution details can be found in the governance proposal, but for summarize:

  • Community: 30%
  • Pre-attack $MOON holders: 35%
  • AUST’s headlines before the attack: 10 %
  • Post-MOON attack headlines: 10%
  • Post-attack headlines $UST: 15%

The Korean supervisory body begins to assess the risk of cryptocurrencies after the vote held for the Terra 2.0 project

The Korea Financial Supervision Service (FSS) has announced that it will standardize the way to assess the risk of virtual assets.

According to a local news story, this is because it is currently difficult to safeguard investors due to the multiple ways in which risk is measured on each virtual asset exchange. Although the standardization efforts of the FSS are still in their infancy, when a legal framework for virtual assets has been established, it is hoped that a uniform evaluation system can be implemented for all exchanges.

On Wednesday, Stablenode’s chief operating officer Doo Wan Nam tweeted that a meeting had been held at the Korean National Assembly building with representatives of Korean exchanges and officials regarding the LUNA and Terra UST issues. The exchanges, according to Doo, said that the situation was undesirable and that they would do everything possible to safeguard traders on their platforms.

ECB: One in ten households in the eurozone’s population centers own cryptocurrencies

On Tuesday, the European Central Bank, or ECB, released the results of a new survey conducted in six eurozone zones: the Netherlands, Spain, Italy, Belgium, France and Germany.

Altogether, about 10% of respondents from the countries participating in the study said they own some kind of cryptocurrency. Of this group, only 6% of respondents said they own more than 30,000 euros in digital assets. Meanwhile, 37% of respondents said they own up to 999 euros in cryptocurrency.

In all the countries surveyed, they consistently had the highest proportion of cryptocurrency ownership relative to other income groups. The Consumer Expectations Survey asked adults between the ages of 18 and 70 whether they or someone in their household owned financial assets from various categories, such as crypto assets.

However, the ECB stressed at the end of the report that if the current trends in the adoption of digital assets continue, they will eventually pose a threat to financial stability.

Uniswap exceeds a trillion dollars in volume, but only 3.9 million addresses have used it

The decentralized exchange (DEX) Uniswap has surpassed one trillion dollars in total trading volume since its launch on Ethereum at the end of 2018.

That’s coming from a relatively small user base, which indicates there’s a lot of potential growth to come. According to data from Uniswap Labs, which are the main contributors to the development of the protocol and the ecosystem, the number of cumulative addresses of the DEX reached about 3.9 million this month after just over three years.

The data was published on Twitter on Tuesday, and the Uniswap Labs team noted that: “Over the past three years, the protocol has incorporated millions of users into the world of decentralized finance (DeFi), introduced fair and permissionless trading, and reduced the barrier of liquidity provision.”

Over the past three years, the Protocol has brought millions of users into the world of DeFi. He has introduced fair and permissionless bargaining. It has lowered the barrier of liquidity provision.

Uniswap currently supports Ethereum and the Polygon, Optimism, and Arbitrum layer 2 scaling solutions. Uniswap Labs also revealed earlier this month that the DEX will expand to two Ethereum Virtual Machine (EVM)-compatible chains on the Gnosis Chain, and the Polkadot-based para-chain Moonbeam Network.