Vitalik Buterin supported a community proposal in support to help the small traders and investors of Terra’ UST stablecoin.
The whole crypto industry knew about the downfall of the Terra ecosystem, where Native coin Luna & Stablecoin UST crashed to the ground. Now on one side, there are those crypto investors who lost everything in Luna coin, and on the other side, there are those investors who are hoping to get their lost funds back.
On 15 May, A crypto investor shared his idea for the Terra project team and urged to give compensation to the small Investors of UST stable coin.
In particular, crypto investor noted that the top 1000 Anchor wallets are holding 83% of the supply, and the poorest ( or say small budget crypto traders) in the top 1000 are holding 995K UST coins.
Through his ideology, this guy suggested using $1.5 billion worth of funds to give compensation.
Alternately, crypto investor suggested giving priority to a maximum of 1k or 2k UST holders to give compensation and in this way, the team will be able to bring UST back to a 100% healthy state.
Vitalik Buterin, the Ethereum blockchain Co-founder, supported this proposal and wrote that team can stop giving a reward of 20% to the holders as a part to give relief to those, who lost funds.
In particular, Vitalik noted that laws in Singapore are very strict for small income generators, so in this way, it is also an option to opt this way to solve this issue with this traditional system way.
At the time of writing this article, the Price of UST stablecoin is $0.13, which is itself a very bad thing for those, who are holding huge funds in UST.
It is worth noting that, here crypto leaders are only talking about the UST stable coin revive plan, while many people lost in Luna coin, more than what people lost in UST coin. These things are a hint that the crypto industry wants to keep trust with other stablecoins so that crypto investors can easily trade in Defi (Decentralized finance) platforms without any tension of depegging in stable coin value.
Read also: We’re open to regulating stablecoins not algorithmic stablecoin: UK Treasury
Team should focus to help small Terra UST investors: Ethereum co-founder
https://bitcoinik.com/team-should-focus-to-help-small-terra-ust-investors-ethereum-co-founder/feed/
https://bitcoinik.com/team-should-focus-to-help-small-terra-ust-investors-ethereum-co-founder/feed/
