The chief executive officer of the Binance crypto exchange shared his opinion on the re-launch & probability success of the Terra project with Luna2.0.
Changpeng Zhao is CEO of Binance exchange. Binance is a first-ranked crypto exchange. Due to quality crypto services, Binance exchange is the first choice among crypto Investors. The exchange has hand in almost every giant crypto service and also in non-crypto financial companies.
Recently Changpeng Zhao appeared in an interview with Cointelegraph. During the interview, Binance’s CEO said that he is not much sure about the future of Luna2.0.
“I try not to predict what the community will do. (…) Many are skeptical. I’m one of those guys.”
Binance CEO indirectly suggested the crypto Industry support Luna2.0 to bring it to the verge of success.
“We still need to ensure continuity of people’s access to liquidity. (…) We have to support the revival plan hoping that it may work.”
Zhao also said that the Terra ecosystem collapse is a lesson for the other crypto projects as a warning that the business model should be perfect.
Binance CEO also criticized Terra’s project team for their high yield reward system. Zhao said that team tried to attract huge numbers of people through an incentive reward system via the Yield system and they supposed that they will grab huge success when they will bind huge numbers of people in their ecosystem.
Binance CEO forces TerraForm Labs
In the last month, when the Terra ecosystem collapsed then in that situation it was only Binance CEO Changpeng Zhao, who criticized and forced the Terra project team to reveal the back-end activities, which was happened during the critical situation.
Due to the pressure imposed on the Terra project team by Binance CEO, Terra foundation revealed that they sold almost all the Bitcoin holdings to save the Luna & UST coin.
Later, the Binance exchange helped TerraForm Labs to bring renewed Terra network into life.