CEO Dissolution of Terra Labs Korea

In a shocking turn of events, Terraform Labs Korea has opted to dissolve its Busan and Seoul offices. This decision was confirmed by South Korea's supreme court registry office following a general shareholders meeting held on April 30. Do Kwon, the company's CEO, has been appointed as the liquidator. The motivations behind this dissolution remain unclear, prompting numerous inquiries.

Reviving LUNA through Chain Forking

For those who missed the news, LUNA has plummeted by an astounding 99.9999% due to the depegging of its stablecoin, UST, which occurred after an arbitrage exploit. In response, Terra Labs, under the leadership of Do Kwon, has proposed a revival plan that is set to be voted on by validators.

Highlights of the revival proposal include:

• Total of 1,000,000,000 LUNA distributed as follows:
  • Community pool: 25%
  • Pre-attack LUNA holders: 35%
  • Pre-attack aUST holders: 10%
  • Post-attack LUNA holders: 10%
  • Post-attack UST holders: 20%

Prominent figures in the industry, including Vitalik Buterin and Binance's CEO Changpeng Zhao, have criticized the handling of the crisis, expressing skepticism about the effectiveness of the revival plan. The consensus outside the Terra community suggests that simply forking the chain will not yield significant value. CZ emphasized that Terra's main focus should be to burn as much LUNA as possible. For a detailed examination of the Terra Recovery plan, refer to this article.

Polkadot's Steady Ascent

Amidst the chaos, Polkadot has emerged as a stable performer, quietly making strides without attracting unnecessary drama. Recently, the project garnered notable attention on Crypto Twitter, with many users drawing parallels between investing in Polkadot and the early days of Ethereum.

In a significant achievement, Polkadot announced that OriginTrail, the pioneering decentralized knowledge graph project, has won the 17th Parachain auction. This highlights Polkadot's innovative approach to a multi-chain ecosystem, where individual chains can interact seamlessly.

Video Description: Analyzing Bitcoin's market performance and its resilience around the $20,000 mark.

Solana's Ongoing Network Congestion

As of May 18, 2022, Solana experienced a staggering 120,000 NFT mints in a single day, primarily due to NFT minting bots creating overwhelming congestion on the network. This situation has persisted since September 2021, making the platform increasingly difficult for regular users to navigate.

To mitigate this issue, Solana has announced a v1.10 update aimed at restricting traffic from certain IP addresses and introducing a new “computing fee” based on the resources utilized by users. These measures are expected to curtail bot activity significantly. For those interested in the extent of the Solana spam bot problem, more information can be found here.

USDT's Shift in Backing

In a notable disclosure, Tether, the issuer of the largest stablecoin, USDT, has revealed that it is now partially backed by non-U.S. government bonds. This marks the first instance of the company admitting to acquiring government debt from countries other than the United States. Additionally, Tether has reported a 17% reduction in its holdings of commercial paper, bringing the total down to $20.1 billion. The company has also reiterated its commitment to maintaining its peg, especially in light of the recent UST collapse.

Madonna's NFT Controversy

In an unexpected move, the iconic singer Madonna has launched her first NFT featuring a 3D representation of her vagina giving birth to a tree. The NFT, titled "Mother of Nature," was originally sold for 170 ETH (approximately $346,405) but has since been relisted for a mere 0.03 ETH.

Crypto Markets Find Temporary Stability

This week, Bitcoin found temporary support around the $28,750 level and has since rebounded above $30,400. However, the overall bear market persists, and despite the brief uptick, the prevailing trend remains downward.

As we conclude this week's overview, feel free to share any additional insights or developments in the comments below. If you enjoyed this article, please give it a clap and follow me for more updates on the cryptocurrency landscape.

Video Description: Exploring the functionality of Flash USDT and BTC across various platforms like Binance, Bybit, and Trust Wallet.