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The past couple of weeks has been tough for cryptocurrency investors, as Bitcoin plummeted to its yearly lows with even more downside on the cards. Geopolitical conditions, fed rate hikes, and rising inflation can be partly blamed for this bloodbath. However, one major reason that triggered this collapse was the de-pegging event of TerraUSD, which also led to the capitulation of LUNA.
Do Kwon, the founder of Terraform Labs, is in no mood to abandon the ecosystem and has come up with a proposal to solve design flaws with a hard fork. In a series of tweets on May 16, Kwon insisted that "Terra is more than UST", and it's time to build a new chain that will operate without the algorithmic stable coin.
The governance proposal is up for voting, and if everything goes well, the new blockchain LUNA will go live by May 27. The old chain will continue to exist and will be renamed to LUNA classic.
Furthermore, the supply of new tokens will be capped at one billion. 25% percent will be reserved for the community pool, 70% will be airdropped (with vesting conditions) to UST and LUNA holders, while the rest 5% will be allotted to developers. Pre and post-attack snapshots will be taken on 7th and 27th May, respectively.
Despite negative events unfolding in the cryptocurrency market, Gnox continues to be on a mission to provide trust and transparency to investors. The team confirmed that a comprehensive KYC audit conducted by next-gen blockchain security firm, Soken.io , is now completed. Following this announcement, there's an uptick in demand for presale tokens and the project continues to see a successful demand.
Gnox is a non-custodial platform that aims to revolutionize the DeFi space by offering "Yield farming as a service". As per the whitepaper, the protocol will leverage treasury assets to invest in yield earning pools and lending protocols. This will benefit long-term GNOX holders, who will get a proportion of what the treasury makes in a given timeframe.
Since the beginning of the year, Avalanche has been on a landslide, shedding almost 60% of its TVL, which currently stands at $4.7 billion. The major reason behind this turmoil is the downfall of several decentralized applications running on its ecosystem. The exchange liquidity pool, Curve, has lost almost 70% of its TVL, while open source protocol AAVE is down by over 80% this year.
As a result, the native token of Avalanche, AVAX has fallen by 71% and is struggling to defend key support levels during such uncertain times. What started the year trading at $109.3 is now exchanging hands at around $30.
Find Out More Here:
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