Luna must become a Meem Quinn! Interview with Justin Sun, Founder of Theron

Justin Sun, founder of Theron Network, thinks the Terra development team has somehow caused the value of Luna and UST tokens to fall, and in a sarcastic statement said that the only way to save these digital currencies is to give them memes like Shiba Ino and Dodge Quinn. Become.

To Report “The collapse of the UST and Luna is a good lesson for digital currency developers to know what not to do when launching a stable algorithm Quinn!”

Before the collapse of the UST and Luna, the total market value of these digital currencies was about $ 40 billion. The Terra project was launched in 2018, and its network officially launched in 2021, during the digital currency market. Subsequently, the development of attractive and noisy programs of this project attracted the attention of micro and institutional investors to Terra. According to some experts, this rapid growth may be one of the reasons why the project collapsed.

In an interview with Kevin Desk’s website, Justin Sun said about the state of the Tera network:

If I were two cubs, more accurately [ترا] I took care. Of course, this may be easier said than done.

Just three days before the fall of Terra, Throne launched its StableQueen algorithm, called the USDD.

It is not yet clear exactly what caused you to fall. Some members of the Chinese blockchain community say that institutions such as BlackRock and Citadel Securities have exploited a known flaw in the network’s design, leading to widespread sales in the UST market. Others think that the China Terra bloc has failed to control the selling pressure during the crisis because all risky assets, including digital currencies, fell in price due to the emerging recession around the world.

Although Sun is not known for his conscious or rational behavior, he has been a little more realistic in dealing with it. He said the collapse came after a major capital shift in the network. According to the Sun, the move comes as Terraform Labs, Terra Network’s developer group, picked up its UST tokens from a StableQueen cash pool called 3pool at Curve.

Do Quan hoped to use his proprietary 4Pool tool to improve the UST market. The Sun says the opportunity after that was great for anyone who wanted to attack your network.

Referring to the mechanism by which the UST price is artificially linked to the US dollar, he said that at the time of the crisis in the Tera network, no one could defend the value or price relationship of this stable coin with the dollar.

Also read: Why did Luna fall and what will be its future? Everything you need to know about Tera’s collapse

Given that some experts have noticed similarities between the USDD Theron and the UST, Sun may have information about the UST crash. He, who planned to launch the USDD three months ago, is grateful for the experience he gained during the collapse of the UST.

However, the Sun is still worried that sellers will attack the USDD or face the same fate as the UST.

Sun thinks that Terra can not make up for the damage he has caused, and that all current algorithmic stable coins and those to be released in the future should focus on going through their “natural growth path.” According to him, these stable coins should be decentralized and should probably be placed on several different Chinese blocks.

Theron network has a very low transaction fee, which is why it has attracted many traders to the Stabilized Central Coin (USDT). Teter has been criticized many times in the past for its lack of transparency, but Sun believes the company has full reserves. He said he encourages Tetra to have a clearer connection to the digital currency community.

The Sun says the stable USDD, which is in its early stages of development, is very secure. At the very least, its market value of $ 348 million indicates that if it falls, it will not affect the entire digital currency market like the UST and will not cause many problems. Sun, who is somewhat selfish, thinks the USDD market value will reach $ 2 billion in the future.

“We have to be more careful,” he says. Although algorithmic stables have already been proven to be risky, Sun continues to fully support them. He says these stable coins can be the easiest way to create an asset that represents the dollar and is not bound by rules and regulations.

Sun said:

These days, stable coins are the most centralized part of this decentralized world, and their fate will be determined by legislators around the world.

He says your developers should turn UST and Luna tokens, which are no longer valuable, into “meme coins like Shiba Inu or Dodge Quinn.” “This is the only way to solve the existing problems,” he said.