What’s Next For Terra Classic (LUNC)& Terra (LUNA) Price? Here’s What Traders Should Know-Coin256

The post What’s Next For Terra Classic (LUNC)& Terra (LUNA) Price? Here’s What Traders Should Know appeared first on Coinpedia Fintech News

The year 2022 hasn’t been that great for the crypto world, especially for the Terra network as the blockchain saw its LUNA collapse along with stablecoin UST losing its peg against the dollar in May.

However, now there is a draft that is proposed at the House of Representatives which will ban algorithmic stablecoins for two years. bloomberg information

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reports that it is prohibited or illegal to create or issue any new stablecoins.

On the other hand, after Terra’s stablecoin lost its peg against the US dollar, Terraform Labs CEO do kwon information

do kwon
co-founder and ceo at terraform labs
Do Kwon is a cryptocurrency developer who is the Co-Founder and Chief Executive Officer of Terraform Labs. With terraform labs, he also founded the telecommunication company Anyfi and served as its CEO, a peer-to-peer communication solution using mesh network technology. And eventually, in 2018, he founded Terraform Labs along with his friend Daniel Shine, intending to develop a decentralized price-stable cryptocurrency such as LUNA.

He successfully led the Terra Blockchain by constantly developing new blockchain technologies, products, protocols, and platforms, including anchor, prism, and mirror. Through Terraform Labs, Do Kwon developed the Terra proof-of-stake, a public blockchain built on the Cosmos SDK. He is also the founder of another failed stablecoin project, Basis Cash, an Ethereum-based token created by Nader Al-Naji.