Binance CEO, CZ, has revealed that he doesn’t consider that Do Kwon’s plan to save lots of LUNA will work. Do Kwon introduced a proposal to fork LUNA to a brand new model with a purpose to save the ecosystem on Could 13. CZ introduced,
“This received’t work. – forking doesn’t give the brand new fork any worth. That’s wishful considering. – one can not void all transactions after an previous snapshot, each on-chain and off-chain (exchanges).”
He goes on to ask the place the LFG held BTC went after it was loaned to market makers. Do Kown has acknowledged {that a} full report is incoming relating to this and LFG is documenting the use. He asks for “endurance” because the workforce is “juggling a number of duties on the identical time.” CZ additionally compares the technique to making an attempt to fork Bitcoin on the ATH and anticipating the worth to be retained.
Do they actually assume they will fork BTC on the snapshot on Nov 18, 2021, and the brand new fork could have the brand new BTC at $68,000 (the worth on that day)?
— CZ 🔶 Binance (@cz_binance) May 14, 2022
CZ additionally notes that he has by no means held UST and doesn’t “understand it too nicely,” claiming he’s “often busy with different issues, however now dragged into this.” His disdain for Do Kwon and the Terra chain is clear in his latest tweets.
He even posted a hyperlink to a dead cat bounce clarification thread on Binance Academy in reference to LUNA leaping after Do Kwon launched his proposal.
He additionally appears to take some credit score for the Terra blockchain restarting saying “If we didn’t push the problem, the Terra blockchain should be in “halted” mode, or worse with tremendous minting…”
No proposal has been chosen by validators as of but however the group continues to debate through the Terra boards.
