The statements came hours after Kwon floated a proposal via a Terra discussion forum to essentially restart the network with 1 billion tokens distributed to impacted holders and users.
As The Block has covered in the past week, the paired meltdown of the algorithmic stablecoin UST and Terra's native LUNA asset resulted in steep losses for those exposed to the market. The resulting chaos ultimately led to blockchain stoppages and market trading halts as the circulating supply of LUNA skyrocketed.
Earlier Friday, Terra devs said that a post-mortem report detailing the events of the last week was being assembled. "The strength of the #LUNAtics has been amazing. More to come," that post said.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.