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U.Today provides you with an overview of the past day’s crypto events with the top four news stories.
Terra’s Do Kwon finally releases recovery plan for UST, community recalls “Lehman Brothers” tragedy
Yesterday, the worried community was finally presented with Terra co-founder Do Kwon’s recovery plan, which addresses the unmatched de-pegging of TerraUSD (UST) stablecoin. Kwon believes that there is no other way to stabilize the situation except for aggressively destroying the UST tokens that are leaving the market. Thus, he proposes to increase the “minting capacity” of the protocol from $293 million to $1.2 billion in equivalent; it will help to accelerate the process of token burning.
Mudit Gupta, Polygon’s chief information security officer, compared this collapse to the Lehman Brothers situation in 2008 that caused a financial crisis. According to Gupta, the crash of the second largest smart contracts platform will leave no crypto business unaffected.
40.9 billion DOGE held by Robinhood – 30.9% of coins in circulation
According to @DogeWhaleAlert Twitter account, over one-third of the overall circulating DOGE supply (30.90%) is currently kept by Robinhood. This is worth an eye-popping $4,390,002,113 and constitutes 40,998,170,618 DOGE. The meme crypto that belongs to Robinhood’s customers is held in the platform’s two known wallets, 3334959 and 1699275, using eight addresses. Meanwhile, @DogeWhaleAlert has detected an anonymous address sending 359,324,741 coins worth $38,079,439 to a top 20 crypto wallet. The fee for this huge transaction was $6.71 (63.33 DOGE), a fee that no bank can offer.
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Charles Hoskinson explains how Djed’s USD peg is stronger than UST’s
Cardano founder Charles Hoskinson provided a possible explanation for LUNA and UST’s collapse. He claims that LUNA’s crash was the result of an attack that any DeFi protocol or cryptocurrency may face at any time. Anyone from hackers to traders could be responsible for an attack like that, Hoskinson said. He also stated that Cardano-based stablecoin Djed can avoid losing its USD peg thanks to “overcollateralization.” Djed’s algorithm is based on a 400%-800% collateral ratio for Djed and Shen (Djed’s reserve coin). Through this, Djed’s collateralization mechanism is decentralized and supported by users who mint Shen and put ADA into the liquidity pool. Thus, the rate of collateralization remains more or less stable.
Coinbase’s services halted by Indian central bank, here’s why
Bloomberg reports that Coinbase, one of the world’s biggest cryptocurrency exchanges, was pressured by India’s central bank. The platform’s process of purchasing crypto was halted by the country’s online retail payment system. Coinbase CEO Brian Armstrong said that due to pressure from the Reserve Bank of India, the company had to disable UPI (Universal Payments Interface) only a few days after launch. The RBA made no comment on this matter, Bloomberg adds. Despite all this, Coinbase stated that it is not leaving the Indian market and is hoping to go live once again in relatively short order.
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