Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Vitalik Buterin, the co-founder of Ethereum, spoke out against the Russian invasion of Ukraine. The Russian-Canadian crypto guru said he is “very upset” with Russia’s President, Vladimir Putin, and his “special military operation.”
In a recent tweet, Buterin said:
This is a crime against the Ukrainian and Russian people. I want to wish everyone safety and security, even though I know there won’t be.
He further underlined his point of view, which is different from that of the blockchain network he co-created:
Reminder: Ethereum is neutral, but I am not.
Since February 24, the day of the invasion, Russia and its President have sustained severe backlash from the international community. The military aggression of Ukraine is destabilizing financial markets, geopolitical structures, and above all, world peace.
How the Crypto Market Reacted to the Russia-Ukraine Crisis
Buterin is among many important figures in the cryptocurrency industry condemning Russia’s uncalled aggression of neighboring Ukraine. Other crypto companies and users rallied to help the Eastern European country withstand the Russian invasion. Thanks to their contributions, the Ukrainian army has raised over $4 million in crypto funds.
Furthermore, many crypto enthusiasts believe that the war in Ukraine harms the crypto market. For instance, most crypto assets plummeted as soon as news of the Russian invasion broke out. Bitcoin lost 3.8% and Ether 5.25% in just a few hours. Above all, the market capitalization dropped by several hundreds of billions.
Currently, the crypto market is steadily recovering. Most assets are trading in the green, and Bitcoin is up by almost 18%. Furthermore, Ethereum is flying high on the back of a 15% value boost. Even the market cap has recovered and targets the $2 trillion level again.
Nevertheless, massive volatility still governs the crypto market, and the developments on the front will further influence it. This takes us back to one of Buterin’s tweets from early February in which he advised Putin to “choose wisely.” He added that “an attack on Ukraine can only harm Russia, Ukraine, and humanity.”
Hopefully, his words and those of millions will not fall on deaf ears. Most importantly, let’s hope they will reach those who can turn this around and choose peace over war and instability.