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Citadel Capital CEO Ken Griffin is arguing the collapse of Terra (LUNA) should serve as a wake-up call for regulators.
In a new interview, Griffin says the Terra (LUNA) “catastrophe,” which also saw the de-pegging of the blockchain protocol’s flagship stablecoin TerraUSD (UST), should motivate the authorities to come up with the necessary regulation, especially for stablecoins.

“I do think that the Terra catastrophe should be a wake-up call to D.C. to actually focus on thoughtful regulation. And in particular stablecoin, by virtue of its name, almost demands being appropriately regulated.”
The hedge fund CEO says that questions still surround the largest stablecoin by market cap and volumes, Tether (USDT), over the reserves backing it. According to Griffin, the evidence of the reserves backing stablecoins should be available and verifiable.
“Bloomberg’s done some phenomenal work on Tether. What’s behind Tether? The fact that we don’t know is utterly absurd.
If you’re going to represent that you have a stablecoin that’s worth a dollar you, better damn well be able to back it up with custody accounts that show you the assets that define that stability.”
The Citadel Capital CEO says that stablecoin issuers should be required by law to disclose the reserves backing the fiat-pegged crypto assets periodically just as exchange-traded funds (ETF) are required to reveal the underlying assets regularly.
“Just as we have daily disclosures of the ETF holdings, we should have periodic disclosure of what backs the stablecoins so that people know their money is safe or not.”

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Featured Image: Shutterstock/klyaksun
The post Citadel Capital CEO Ken Griffin Says Terra (LUNA) ‘Fiasco’ Should Be a Wake-Up Call for Regulators appeared first on The Daily Hodl.


Citadel Capital CEO Ken Griffin is arguing the collapse of Terra (LUNA) should serve as a wake-up call for regulators. In a new interview, Griffin says the Terra (LUNA) “catastrophe,” which also saw the de-pegging of the blockchain protocol’s flagship stablecoin TerraUSD (UST), should motivate th...

dailyhodl.com

Citadel Capital CEO Ken Griffin Says Terra (LUNA) ‘Fiasco’ Should Be a Wake-Up Call for Regulators

An Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year.
At the Permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipated upcoming Ethereum 2.0 Merge.

“These are just the last few steps we have to take, and as far as we know, if everything goes according to plan, August – it just makes sense.”

Ethereum core Dev @preston_vanloon  just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5
— Benjamin Cohen (benjicohen.eth) (@benjicohen421) May 19, 2022

Ethereum 2.0 looks to solve the network’s scalability issues by shifting over from a proof-of-work (PoW) consensus mechanism, which Ethereum currently employs, to a proof-of-stake (PoS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the highly-anticipated upgrade.
The first phase of Ethereum’s upgrade to version 2.0 was rolled out in late 2020 to help reduce the blockchain’s congestion and high transaction fees.
Ethereum is trading for $1,941 at time of writing. The recent market downturn has hit the second-ranked crypto asset by market cap especially hard in 2022. ETH is down more than 3.6% in the past 24 hours, 28% in the last two weeks and 37% in the last month.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



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The post Massive Ethereum Upgrade Expected To Happen in August, Says ETH Protocol Developer appeared first on The Daily Hodl.


An Ethereum (ETH) developer is expecting ETH to merge to its new proof-of-stake system in August of this year. At the Permissionless decentralized finance (DeFi) conference this week, a panel moderator quizzed Ethereum protocol developer Preston Van Loon about the timeline for the highly-anticipa...

Massive Ethereum Upgrade Expected To Happen in August, Says ETH Protocol Developer

“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said the platform.

cointelegraph.com

OpenSea launches 'Seaport' ​​marketplace protocol allowing NFT bartering

Galaxy Digital CEO Mike Novogratz is breaking his silence more than a week after Terra (LUNA) collapsed wiping out billions of dollars.
Novogratz says that the tightening of monetary policy by central banks contributed to the collapse of Terra (LUNA), a blockchain protocol focused on issuing algorithmic stablecoins.

“This macro backdrop put pressure on Luna and the reserves held to back UST. UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.”
According to Novogratz, the collapse of the native token of the Terra blockchain, LUNA, and its flagship algorithmic stablecoin, UST, has reduced confidence in decentralized finance (DeFi) and crypto markets in general.
“In Luna and UST alone, $40 billion of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and DeFi.”
The Galaxy Digital CEO, however, says that blockchain and cryptocurrency technology is here to stay.
“Crypto is not going away. The amount of human capital moving into the space isn’t slowing down. The focus on building decentralized infrastructure that allows value and ownership to flow as freely as information on the internet, isn’t slowing down. The GDP of the metaverse is heading one way. Our community is resilient, has a shared belief in a new way of doing things, and the assurance that this is the very early innings.”
Galaxy Digital invested in Terra (LUNA) in the fourth quarter of 2020 using capital from its balance sheet. Novogratz, who inked the word LUNA on his arm in January, now says that the tattoo will serve as a “constant reminder that venture investing requires humility.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/klyaksun
The post Billionaire Mike Novogratz Speaks Out on Terra (LUNA) Collapse, Says This Is What Caused $40,000,000,000 Wipeout appeared first on The Daily Hodl.


Galaxy Digital CEO Mike Novogratz is breaking his silence more than a week after Terra (LUNA) collapsed wiping out billions of dollars. Novogratz says that the tightening of monetary policy by central banks contributed to the collapse of Terra (LUNA), a blockchain protocol focused on issuing algo...

Billionaire Mike Novogratz Speaks Out on Terra (LUNA) Collapse, Says This Is What Caused $40,000,000,000 Wipeout

Operated by DeFi lender Aave, its decentralised social media platform, Lens Protocol has gone live on the Polygon blockchain mainnet.
Lens Protocol was first introduced in February 2022. Aave decided to introduce Lens Protocol as a decentralized competitor to Twitter and Facebook. Lens Protocol is a network which is used to build decentralized social media and has gone live on the Polygon blockchain.
The social media platform is similar to Twitter however, Lens profiles are linked to Non-Fungible Tokens which can then be ported to decentralised applications.
According to reports, close to 50 applications were brought to the fore on the Lens Protocol platform.  Apps include Lenster, Lens Booster, SpamDAO, GoldenCircle, PeerStream, Swapify, Social Link to name a few.
Stani Kulechov, CEO And Founder Of Aave Wants A Better Social Media Experience
The thought behind creating the platform was to facilitate a social media platform that will allow decentralisation of the content ownership and user accounts with a help of a blockchain network.
Traditional social media accounts function through the help of email-ids and the system of unique usernames.
Lens Protocol is different because the latter uses crypto addresses and Non-Fungible Tokens (NFTs) for authentication and monetisation.
Due to this particular feature, the users rather than centralised company is in control of the content and personal data which are associated with the user accounts.
Often centralised social media have the right to suspend and terminate accounts permanently without an explanation.
Recently, the CEO of Aave faced a similar issue with Twitter after his account was suspended owing to a particular tweet.
Right after this suspension, he took the issue into consideration and had decided to come up with the decentralised social media platform.
He stated,
The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform
Related Reading | Aave To Introduce A Decentralized Social Media Platform Built On Polygon
Polygon In Alignment With Aave’s Vision
Aave CEO also noted that the ownership over content created has been missing and is in fact, “long overdue”. In accordance with the aforementioned idea, co-founder of Polygon, Sandeep Nailwal, agreed with the importance of ownership of content.
Polygon also is of the similar notion that there has to be “secure content ownership”. Aave had also additionally launched a $250,000 grants program which will fund the projects that will build decentralized applications (dapps) on Lens.
Barring the social media DApps, the liquidity market protocol creators have also targeted to use nonfungible token (NFT) technology alongside the Lens’ open-source blockchain technology which will allow developers to create marketplaces, with algorithm suggestions and recommendations along with other applications.
Aave had begun developing a decentralized social media platform, but had finally decided to build on Polygon mainnet rather than Ethereum’s mainnet.
Related Reading | How Polygon Studios Captures Web2 Talent, Hires Staff From Amazon, EA And Others
Bitcoin was priced at $30,000 on the one day chart | Source: BTCUSD on TradingView


Operated by DeFi lender Aave, its decentralised social media platform, Lens Protocol has gone live on the Polygon blockchain mainnet. Lens Protocol was first introduced in February 2022. Aave decided to introduce Lens Protocol as a decentralized competitor to Twitter and Facebook. Lens Protocol i...

Anchor Protocol price	$0.139339
Low - High 24H	$0.078966 - $0.175627
Market cap	$51.22M
Volume 24H	$111.02M
All time high	$8.23 -98.18% March 19th 2021
All time low	$0.024732 505.80% May 13th 2022
Genesis date	N/A

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