Binance CEO Changpeng Zhao announced that he fully intends to support the Terra blockchain in its recovery process, but he asked that a little more transparency be seen in the process.
Zhao questioned the idea of hard forking the Terra blockchain as a means of reviving the once-thriving LUNA and UST ecosystems.
“Supply reduction should be done via burning, not forking on an old date, and abandoning everyone who tried to rescue the coin. I don’t have any LUNA or UST either,” the crypto exchange’s CEO said.
The last few weeks have been very busy for the world of cryptocurrencies, to the point that the decline of many of them has been seen, including the Terra project that involved a millionaire loss for thousands of users.
“Failures can or will happen. But when they do, transparency, prompt communication and accountability to the community are extremely important,” Zhao said.
It should be remembered that Binance was one of the first to suspend UST and LUNA trading on its platform when the Terra ecosystem began its death spiral.