Following the collapse of the Terra (LUNA) ecosystem, multiple experts voiced their forward-looking views. Polygon (MATIC), an Ethereum (ETH) layer-second scaling solution, approached the issue in a different way. Ryan Wyatt, CEO of Polygon Studios, said the team is “working closely” with Terra’s project to help them transition to Polygon. The team will allocate funds and other resources to support the movement. As Kriptokoin.com, we are transferring the details.
Vitalik Buterin argues that small investor should be protected
Ethereum co-founder Vitalik Buterin shared and supported the interesting idea proposed by an investor. As the whales struggle to cope with their losses, Buterin supports the repayment of initial deposits to the stablecoin’s “lowest savings” small investors. According to the updated proposal, small wallet holders are holders with up to $50,000 UST in their wallet. This idea arose, of course, assuming the reserves of the UST constant were still intact. In such a case, Terra would owe these investors a payment ranging between $1-1.5 billion.
Vitalik also, up to $250,000 suggested insurance. The idea behind all this is to provide greater protection to the smaller and weaker participants in the market who do not have the power or financial means to weather such disasters (or write the rules themselves).
Billy Markus criticizes Terra (LUNA) CEO: Pay back money from investors!
Meanwhile, Terra’s Founder Do Kwon has emerged online again and proposed a hard fork of the blockchain. The plan is to reorganize “network ownership” and distribute one billion LUNA tokens to the community. Dubbed the “Terra Ecosystem Revival Plan,” the proposal has garnered support from several people who say TERRA 2 should launch a liquidity pool to re-fix the UST.
For the most part, however, members of the crypto community found the plan quite flawed. Binance CEO Changpeng Zhao has harshly criticized this view, saying that the idea that the fork will bring new value is merely “wishful thinking”. Zhao also asked about the $2.7 billion BTC reserves that Terra has accumulated. Reportedly, the Luna Foundation Guard (LFG) drained its reserve following the UST’s crash. Another criticism of this plan came from Dogecoin co-founder Billy Markus. Saying that Kwon should withdraw from the industry, Markus noted:
If they want to pay victims of their failed protocols, they should use the money they have already received from investors to pay them back, rather than using new money from new victims.
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