Minting, forking, don’t create value: CZ highlighted the need for more transparency from Terra. 'Much more!'
1/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” However, he recommended buying back and burning as some of the ideal means to revive the token’s market value.
“Failures can/will happen. But when they do, transparency, speedy communication and owning responsibility to the community is extremely important.” CZ further clarified that Binance had no active investments in Terra, nor did the company acquire any UST holdings, dismissing the ongoing rumors on“Binance Labs invested $3m USD in Terra in 2018. UST came much later after our initial investment.”
Binance Labs, the investment arm of Binance, invested in numerous projects over the past four years, which according to CZ, have seen varying degrees of success and failures.“Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”
8/ I am just hoping that the project teams can rise from the ashes and rebuild in a proper and sensible way. Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.
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