TRON founder to allocate $10 million to the Terra community
Justin Sun will direct funds to compensate 236 000 small LUNA investors
16.05.2022 - 13:55
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What’s new? TRON blockchain founder Justin Sun has offered his help to the Terra community following the collapse of the UST stablecoin and LUNA token rates. On Twitter, he announced his intention to allocate $10 million to reimburse 236 000 UST holders. Sun concurred with a social network user nicknamed PersianCapital, who offered to support small investors.
Who else called on Terra to help small investors? Ethereum blockchain co-founder Vitalik Buterin and Binance cryptocurrency exchange chief Changpeng Zhao believe that the Terra project should give priority to retail investors as part of its indemnity. Zhao also said that his exchange’s funds should be paid out last if Terra had any chance of doing so at all.
What events happened before? Terraform Labs CEO Do Kwon proposed to restore the Terra ecosystem by the validators restarting the network with 1 billion tokens distributed to LUNA and UST holders, as well as a community pool to fund future development.
Changpeng Zhao believes that rolling back the blockchain will not work to save LUNA and UST. In his view, all transactions after an old snapshot cannot be voided, either on or off the blockchain (on exchanges).
Justin Sun said that the TRON ecosystem had no plans to abandon the development of its own algorithmic stablecoin, USDD, despite the collapse of the UST stablecoin rates and the Terra (LUNA) token that backs it.
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