Do Kwon 🌕
@stablekwon
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1/ A third party audit of LFG and TFL's peg defense activity during May 2022 has been published:
1/ Today, LFG releases the technical audit report conducted by JS Held, an experienced third-party auditing firm, providing full transparency into the trading, blockchain records, and efforts of LFG and TFL to defend the price of TerraUSD ($UST) between May 8th & May 12th, 2022.
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Today I:
- Watered my plants
- Wrote some emails
- Bought 230M in $BTC
- vacuumed the house
- had some mcdonalds
Now off to walk the dog 🤝
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1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.
I am heartbroken about the pain my invention has brought on all of you.
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Baby Luna 💛
My dearest creation named after my greatest invention
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14/ Terra’s return to form will be a sight to behold.
We’re here to stay. And we’re gonna keep making noise.🌕
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Didn't mean to be so quiet - needed razor focus to deliver, thanks everyone for the support.
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$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.
P2P electronic cash that is easier to spend and more attractive to hold
#btc
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12/ The Terra community is my family.
I will always be here, no matter how hard it gets.
Let's build it back up again - together.
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1/ Terra governance prop
#1623
to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
Vote here:
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14/ Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the
#LUNAtics
. Short-term stumbles do not define what you can accomplish.
It’s how you respond that matters.
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We have a message for the citizens of goblin town:
Your days are numbered.
Our orange battalions will overwhelm your defenses, and return your cities to the dirt
Your fields will be sown with salt, so that no future bearish thoughts will grow
The 🌕 is coming
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6/ What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself, and find a way to rise again.
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2/ I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
Together.
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1) Hey all: I have a few announcements to make.
Things have come full circle, and ’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for (pending DD etc.).
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Next week, we will uphold
@terra_money
signal prop 44 and initiate a proposal to burn 90M Luna in the community pool to mint $UST for Ozone.
This will reduce Luna total supply by 90M, and increase $UST supply by roughly 3-4 billion.
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5/ There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are:
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@AntoineRoncin
@AMoneyfest
@FatManTerra
@cryptothespian
@jackdx16
@Sarahparker45
@gregosuri
terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu
There u go
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To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea - nothing happens except that you lose your tokens
Want there to be no confusion whatsoever
@AntoineRoncin
@AMoneyfest
@FatManTerra
@cryptothespian
@jackdx16
@Sarahparker45
@gregosuri
terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu
There u go
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Huobi supports Terra 2.0 🌎
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3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.
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The stablecoin is the most important product in crypto, uniquely serving the currency function of cryptocurrencies.
And the moon is the only asset that captures value from the rise of stablecoins 🌕
$LUNA
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$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone.
There is no more doubt in the product market fit of decentralized money in decentralized economies.
Long live
@terra_money
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Worry not about
#Bitcoin
- it is fungible freedom to counter fungible state violence in fiat.
And its rise will be inevitable as long as humanity yearns to be free 🧡
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2/ I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money.
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11/ TFL will be initiating a governance proposal for the network fork in the next few hours - if the proposal passes, then it will coordinate the fork with validators next Friday 05/27.
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Bitrue supports Terra 2.0 🌍
$LUNA is rising again!
Bitrue will continue our historic support of
@terra_money
by being the first exchange to launch LUNA V2 trading.
LUNA V1 services will be suspended May 26 13:00 UTC, while V2 services will start ~May 27
Info, & potential airdrop -
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Its 🌕 and 🐸 Christmas
$UST on
@binance
Now there is literally no reason to subject your internet money to censorship risk
Happy holidays, everyone!
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Lunatics - speak not of how luna beat down others in market cap, but how many communities we can raise up
Everyone deserves decentralized money, and the moon shines brighter when everyone wins 🌕
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A decentralized economy needs decentralized money.
And decentralized money needs decentralized reserves.
$BTC 🤝 $UST
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1/ This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false
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13/ The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category defining applications within. As long as these builders, TFL among them, continue to build - we will come out of this together.
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10/ Call to action: we encourage Terra developers to signal support & commit to build on the fork on public channels ASAP.
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7/ First, we endorse the community proposal 1164 to Increase basepool from 50M to 100M SDR *) Decrease PoolRecoveryBlock from 36 to 18 This will increase minting capacity from $293M to ~$1200M.
This should allow the system to absorb the UST more quickly.
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Kucoin will support Terra 2.0 🌍
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Wassification was a mistake, delivered the bears their greatest win
Back in business
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4/ We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.
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1/ Five years ago, when I had the idea to create decentralized money for decentralized blockchains, all of crypto was running on centralized stablecoins.
Since then, the algorithmic stablecoin category created by $UST has become industry standard
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12/ As we begin to rebuild UST, we will adjust its mechanism to be collateralized.
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Yeah no i did not
JUST IN: 🇰🇷 According to Heraldcorp, Do Kwon has contacted the top 5 exchanges in Korea asking for a $LUNA 2.0 listing.
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9/ With the current on-chain spread, peg pressure, and UST burn rate, the supply overhang of UST (i.e., bad debt) should continue to decrease until parity is reached and spreads begin healing.
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"Are you in Asia to avoid the US"
Lady can't you see I'm Asian 🤦♂️
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I’m up - amusing morning
Anon, you could listen to CT influensooors about UST depegging for the 69th time
Or you could remember they’re all now poor, and go for a run instead
Wyd
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6/ Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before $UST can start to repeg. There is no way around it.
We propose several remedial measures to aid the peg mechanism to absorb supply:
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Regardless of the outcome of the bet, I will donate $1M to
@angelprotocol
charity and spend $1M on buying Terra altcoins and burn them on March 14th 2023
Not in it for the money
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Pheonix-1 mainnet is now live and producing blocks - public node services, wallets and explorers should be going live shortly.
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4/ A review of the current situation: UST is currently trading at 50 cents, a significant deviation from its intended peg at $1.
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So, is this $UST depeg in the room with us right now?
No?
I prescribe 24 hours of pegging over the next 7 days
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I don't get the motivation behind spreading this falsehood - muscle flexing? But to what end?
Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don't know whose funds they've frozen, but good for them, hope they use it for good 🙏
Prosecutors in South Korea have frozen $39.6M of crypto owned by
@terra_money
CEO Do Kwon.
by
@IanAllison123
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Every day we stray further from minimum viable intelligence
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Just need to 5x, and web3 gets to run on its own sovereign money
Hold my beer
Terra's UST is now the 3rd largest stablecoin, after surpassing BUSD in market cap
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3/ First, if you don’t understand how Terra’s peg stabilization mechanism works, here is a good overview:
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Decentralized networks need decentralized money - obvious today more than ever
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The moon is coming to
#avalanche
in force, and next week we will show you just how much 🌕
@avalancheavax
@terra_money
🪄
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LBank is in. 🌍
💫LBank will support the launch of Terra 2.0 and the new
#LUNA
airdrop.
@terra_money
💗Details:
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🌕🤝⚡️
The largest decentralized money on the the most decentralized exchange
Giant step forward for crypto
Decentralized stablecoin (UST) now trades with
#Bitcoin
natively.
The revolution will not be centralized.
@THORChain
@terra_money
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5/ The price stabilization mechanism is absorbing UST supply (over 10% of total supply), but the cost of absorbing so much stablecoins at the same time has stretched out the on-chain swap spread to 40%, and Luna price has diminished dramatically absorbing the arbs.
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11/ Naturally, this is at a high cost to UST and LUNA holders, but we will continue to explore various options to bring in more exogenous capital to the ecosystem & reduce supply overhang on UST.
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The 🌕 is sovereign, and all of you are queens and kings.
Never bend the knee.
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Work on hard problems
Low hanging fruit can't inspire millions.
Don't be afraid of getting laughed out of the room
You will do your best work in the cold.
What inspires you, anon?
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1/ While most of our efforts had been spent on Terra 2.0 and making sure ecosystem developers can find a home after the depeg incident, we will soon be more proactive in communicating with the press & getting the right information out there.
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Bitfinex supports Terra 2.0 🌍
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Would rather die tbh 🧡
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Dear CT - I will tell you what i am doing and where i am if:
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 game
Otherwise you have no business knowing my gps coordinates
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8/ More ideas will be discussed in the community forums at
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