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Author: Admin | 2025-04-28
The rebranding of the Washington Nationals club and lounge to the "Terra Club". The deal was originally proposed to the Terra community by Kwon, referring only to an unnamed "sports franchise in one of the four major American professional sports leagues", and the community agreed to pay $38.15 million for a five-year exclusive partnership.[16]The founders Kwon and Shin each owned one share of Terraform Labs, giving each founder 50% of the controlling power. Kwon later enlarged his stock pool to eleven shares, giving him 91.7% ownership and Shin the remaining 8.3%. Shin and Chai Corporation, a Terra-ecosystem payment service company that he founded, announced on 18 May 2022 that Shin no longer held any ownership stock in Terraform Labs. However, the Singaporean Account and Corporate Regulatory Authority revealed that Shin still held 8.3% Terraform Labs ownership, and Chai Corporation announced that Shin was not able to "finish liquidating his remaining ownership in time" despite having the same share of ownership as of 18 May. The documents from the Singaporean authority also revealed that as of 18 May, Shin held 51.2% of ownership and Kwon 22.4% of Chai Holdings, the parent company of Chai Corporation.[17][18][19]Beginning on 9 May 2022, the tokens made headlines after UST began to break its peg[why?] to the US dollar. Over the next week, the price of UST plunged to 10 cents,[20] while LUNA fell to "virtually zero", down from an all-time high of $119.51.[21] Before the crash, LUNA was one of the top ten largest cryptocurrencies on the market.[22] The collapse wiped out almost $45 billion of market capitalisation in one week.[1][23] Terra-Luna operated on a two-coin system protocol that lacked traditional collateral backing. Its collapse was likely triggered by an attack[by whom?] on its liquidity pool and was facilitated by flaws in the underlying blockchain framework.[24]On 13 May, Terraform Labs temporarily halted the Terra blockchain in response to the falling prices of UST and LUNA.[21][25] Despite the company's attempts to stabilize UST and LUNA via its bitcoin and other cryptocurrency reserves from the Luna Foundation Guard, they were unable to reestablish the 1:1 peg of UST to USD. As of 16 May 2022, blockchain analysts claim that the expenditure of the LFO bitcoin reserves still remains unclear.[26][27]Likely causes of the collapse included mass withdrawals from the Anchor Protocol days before the collapse, investor concerns about cryptocurrencies more generally, and a drop in the price of bitcoin.[28][29][30] During the collapse, holders converted UST into LUNA via the mint-and-burn system, which caused the price of LUNA to collapse due to its increased supply.[31] This in turn destabilized the balancing mechanism between the currencies.[29]On 25 May, a proposal was approved to reissue a new LUNA cryptocurrency and to decouple from and abandon the devalued UST stablecoin. The original blockchain is now called Terra Classic, and the original LUNA token is called LUNA Classic (LUNC).[32][33] The new LUNA coin is called "Terra 2.0" by investors, and has lost valuation in the opening days of being listed on exchanges.[34][35][36]In an
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