The collapse of Terra (LUNA) has caused serious problems in the cryptocurrency market. Although the Terra team has found solutions for users and investors, it doesn’t seem to have been successful. While the recent proposal to burn UST has failed, a cryptocurrency exchange has announced that it has stopped supporting LUNA. Another crypto exchange announced that it would compensate users for their losses. Here are the latest developments on the Terra frontline…
Coinbase Cloud has dropped support for Terra (LUNA).
According to the official announcement shared on Coinbase Cloud’s Twitter account, support for Terra’s infrastructure will be discontinued. This decision was made in consultation with the customers and ecosystem participants behind Terra (LUNA).
Additionally, amid rumors of a revised coin policy and a potential Terra (LUNA) protocol with a fine-tuned tokenomic design, Coinbase Cloud has announced that the potential new blockchain will not be added to its node stack. Coinbase Cloud announced that customers and enthusiasts will have all the support they need to “best bring Terra to life” with minimal impact on their business processes.
Proposal 1188, prepared to burn off the remaining UST in the community pool and the cross-chain liquidity incentives, had already met the required requirements; however, it could not be executed due to technical problems.
In announcing the development to the Terra community, the team said technical issues arose from the proposal’s attempt to “burn more UST from the pool than there is.”
Terra’s build developer, Will Chen, said, “Terra can’t ‘destroy’ it – it was rejected and automatically executed by the system. However, the execution failed due to an incorrect parameter (incorrectly formatted bid that was not captured by the bidder).
However, the team appears determined to reintegrate investors as the team has announced the launch of a new 1747 proposal with updated parameters to facilitate UST burning. “If applicable, this offer will burn the remaining UST in the community pool + the cross-chain liquidity incentive UST,” the team added.
Nox Bitcoin compensates UST investors for losses
Brazilian cryptocurrency exchange Nox Bitcoin, which allows its users to wager UST, has opted for compensation after the LUNA/UST crash, although it is not required to compensate users for losses in order to maintain the trust of its customers.
Nox Bitcoin announced that it is staking tokens on behalf of its clients via the Anchor protocol, which contributed up to 20% of UST’s share and contributed to the crash. Cryptocurrency exchange has no insurance or guarantee which imposes refund obligations on holders and players. However, their CEO, Joao Paulo Oliveira, said their customers have confidence in staking and that the exchange should not betray their confidence because they know customers are more valuable than anything else.
Regarding LUNA/UST, Do Kwon explained that it takes time to shut down a company and the timing between closure and collapse is random. On the other hand, Do Kwon stated that they control less than 0.1% of the LUNA supply, so it is difficult for them to burn tokens to help the community.
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