Do Kwon, Terraform Labs CEO, posted a Twitter message expressing his newest thoughts on the cryptocurrency market crisis. Terraform is a cryptocurrency ecosystem that caused an enormous crisis for traders after its stablecoin TerraUSD and token Terra (LUNA) failed.
Additionally, on June 18, Bitcoin plummeted under the critical $20,000 support level, which marked the lowest price for the world’s largest cryptocurrency since December 2020.
Kwon was discussing the market fall, whereby the Luna Foundation might have accidentally helped by selling Bitcoin in May. This, in turn, would have helped fund TerraUSD.
Advantages Of DeFi
Furthermore, Kwon emphasized the merits of decentralized finance (DeFi), stating that supporters of DeFi must endure instability. This will increase the value of gaining power in their life, yet these beliefs must not be made meaningless by cryptocurrency market liquidations.
He also said that there is a need to build more robust and flexible systems for the future in case of such attacks. However, he also believes we must raise ourselves to the challenge or surrender.
“Crypto always wins where there is a future,” he added.
Many buyers and sellers harmed by the crash will be dissatisfied with Kwon’s recent comments.
Crypto Market After Terra Collapse
Before the meltdown, several in the cryptocurrency field highlighted worries about TerraUSD’s reliability and the necessity for traders to serve as its support. Meanwhile, Tether’s (USDT) chief technical officer (CTO) warned that it was a ‘formula for disaster.’
Additionally, crypto hedge fund Three Arrows recruited financial experts to ensure it stays up to the mark after being caught off guard by unexpected sales. The new study shows that Terra’s decline was the outcome of someone within the firm, and we have many people in the industry harboring bitterness.
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Source: https://coinpedia.org/opinion/do-kwon-on-terra-collapse-build-stronger-systems-to-be-safe-from-attacks/