Crypto Market Highlights May 16, 2022

Crypto Market Highlights: General News

  • The idea of hard forking the Terra blockchain to resurrect the once-thriving LUNA and UST ecosystems was recently questioned by Changpeng Zhao, CEO of crypto exchange Binance. Following up on that, the CEO shared his thoughts on the best course of action for collapsing crypto ventures with the crypto community. “This won’t work,” he stated, dismissing the validators’ proposal for a hard fork to TERRA2, which would involve distributing a new version of LUNA to all holders based on a snapshot of holdings taken before the market collapsed.
  • Binance Founder and CEO Changpeng Zhao has refuted claims that the crypto exchange had invested $300 million in the Terra project. CZ’s clarification about Binance’s involvement in Terra in the early stages came in the form of an eight-part Twitter thread where he explained that Binance only invested $3 million in Terra back in 2018. Mr. Zhao was responding to a claim by Larry Cermak, who had implied that CZ was tweeting passionately about the LUNA saga because Binance had led its seed rounds in 2019 and 2021.
  • On-chain detective Zachxbt once again made headlines with a thread about Logan Paul and accusations of shady dealings in the crypto space. Paul Logan allegedly hyped and dumped crypto projects like DinkDoink, EthereumMax and others. Zachxbt discovered this through Paul’s public address, 0xff0, thereby exposing how funds were transferred in and out from several other addresses. For example, 0xb74 transferred several NFTs, including 3 CryptoPunks, to the main public address. According to Zachxbt, Logan Paul promotes multiple pump and dump schemes over the course of a year. The first is the ELON token that he inflated in a leaked video from his site.
  • The Slovenian Seaside Resort in Portoro, a summer resort on Slovenia’s Adriatic Sea coast, has chosen to promote its location with non-fungible tokens (NFTs). The initiative is the highly digitalized of the region’s visitor attraction campaign this year. Portorož, in the southern town of Piran, has become the country’s first resort with its own non-fungible tokens, immediately after the Slovenian Tourist Board (STB) released a “sLOVEnia NFT” last month. According to local media, the initiative’s major purpose is to promote the two seaside communities as innovative, digital, and green attractions.
  • Chile’s central bank indicated in a preliminary report released on May 11 that it needs more time to decide whether or not to issue a CBDC. Last September, Reuters anticipated that the decision will be made around the beginning of this year. According to the central bank, the first stage of the process entails gathering information from parties interested in the CBDC process and “exploring ideas” for developing pilot projects or tests that will help it better understand the challenges of creating a CBDC.
  • The Vasil Hard Fork, according to Cardano founder Charles Hoskinson, is still on track. The Vasil Hard Fork, scheduled for June 29, will bring significant improvements to Cardano and its smart contract platform, Plutus. IOHK suggests that the testnet could go live by the end of May. Hoskinson is optimistic that the impending Vasil Hard Fork upgrade will bring “massive performance improvements to Cardano” and its smart contract capabilities. CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs) will be introduced in the future Vasil update, according to IOHK.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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