Chang Peng Zhao, chief executive of the Bainance Digital Currency Exchange, said he believed Do Quan’s plan to save the moon’s ecosystem would not work. Two days ago, Kwan published a proposal on the official website of Tera Blockchain, recommending that a new fork be launched from the Tera network to save the Luna ecosystem.
According to CryptoSlit, Zhao said:
This [ایده] It won’t work. [ارز دیجیتال] New fork [لزوماً] Because it is disconnected from other networks, it has no value. This idea is just a fantasy. [به عبارتی دیگر] Not all transactions, whether in-chain or off-chain (centralized exchanges), can be canceled after an old snapshot.
A snapshot is the specific time or date on which the inventory and activity of network addresses are recorded.
Apparently for Zhao, the question is where did the Luna Foundation’s bitcoins come from after they were released on the Tera network market. Cowen Emma says the reports he has published so far fully explain the problem, and the Luna Foundation documents the use of bitcoins.
He called on those involved in recent events to be “patient” as “their team is currently doing several different things at once”. In another statement, Zhao sarcastically compared Kuan’s strategy to taking a snapshot of the bitcoin network on November 18, 2021, and then taking a snapshot of the information. Let’s start a new fork and expect the price of bitcoins in the new chain to be the same as $ 68,000!
Read also: Your founder compensates the owners of Luna and UST; but how?
Zhao says he has never owned a UST and does not fully understand this stable coin. He says he usually spends his time on other things, but now he has to deal with it. In general, it is clear from Zhao’s tweets that he does not respect Do Quan, as well as Terra’s network.
He even tweeted a link to content related to “Dead Cat Bounce”. His move indirectly refers to yesterday’s jump in the price of the Moon after the announcement of Do Kwan’s offer to compensate the owners. The dead cat mutation is a slight increase in the price of an asset that has been in a big drop overall. In other words, the irony in this term is that even a dead cat jumps a little when it hits the ground when it falls from a very high altitude.
Zhao also said that if they did not put pressure on Terra’s team, the network would be closed by now and there could even be serious damage to the Chinese bloc.
Terra Network validators have not yet approved any proposals to restore the blockchain and compensate holders, and members of the digital currency community are still discussing it through online forums on Terra’s website.
Bainance CEO’s publication: The Do Quan program not working to restore the Tera network first appeared in Arzdigital.