Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-16 | Selina Mathew
"Minting, forking, don't produce value," CZ remarked, pointing out the possible problems with forking Terra.
The notion of hard forking the Terra blockchain to resurrect the once-thriving LUNA and UST ecosystems was recently questioned by Changpeng "CZ" Zhao, the CEO of crypto exchange Binance. Following up on that, CZ shared his thoughts on the best course of action for collapsing crypto ventures with the crypto community.
"This won't work," CZ stated, dismissing the validators' proposal for a hard fork to TERRA2, which would require distributing a new version of LUNA to all holders based on a snapshot of holdings taken before the market crashed.
"Minting, forking, don't produce value," CZ remarked, pointing out the possible problems with forking Terra. He did, however, propose buying back and burning as viable options for reviving the token's market value. While expressing his support for the Terra community, CZ called for "far greater openness from them," including information on particular on-chain transactions (transaction ids) of all the monies.
CZ also clarified that Binance had no active investments in Terra and had not acquired any UST holdings, dispelling ongoing rumors on Crypto Twitter about Binance's interest in Terra. Binance Labs, Binance's investment arm, has invested in a number of projects over the past four years, with varying degrees of success and failure, according to CZ.
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