Changpeng Zhao, the CEO of Binance, in recent events questioned the idea of hard forking the Terra blockchain as a means to resuscitate the LUNA and UST ecosystems. Following up on the same, he shared his viewpoint on the appropriate course of action needed for falling projects across the crypto community.
While dismissing the validators idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders based on a snapshot of the holdings before the market collapsed.
He pointed out the potential issues with forking Terra as Minting, forking, don’t create value. However, he suggested buying back and burning as some of the ideal means to revive the tokens market value.
While showing support for the Terra community, he emphasized the need for more transparency from them, which includes details about specific on-chain transactions of all the funds
Zhao further explained that Binance had no active investments in Terra, nor did the company acquire any UST holdings, dismissing the ongoing rumours about Binance’s interest in Terra
