Forty Four Countries Meet In El Salvador To Discuss Bitcoin Rollout, Luna Foundation Guard To Compensate UST Holders, Polygon Extend A Helping Hand To Luna Projects

Written by Lindi Miti

May 17, 2022

44 Countries Meet In El Salvador to Discuss Bitcoin Rollout

On Sunday, El Salvador President, Nayib Bukele, tweeted that 44 countries would meet in El Salvador to discuss financial inclusion and the bitcoin rollout. 

“Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country,” tweeted Bukele.

In a follow-up tweet, Bukele mentioned that the central banks and financial authorities included Nigeria, Egypt, Nepal, Pakistan, Bangladesh, Kenya, Uganda, Rwanda, Paraguay, Angola, Guinea, and Madagascar. However, the meeting agenda was undisclosed.

El Salvador was the first country to adopt bitcoin as legal tender last year, in September. Thus far, it has accumulated over 2000 bitcoins. 

Luna Foundation Guard To Compensate UST Holders

The Luna Foundation Guard (LFG), a nonprofit organization that supports the Terra Ecosystem, posted a detailed summary of how they attempted to save the UST peg on a Twitter thread. The post disclosed how they distributed their reserved funds. It also notified small UST account holders would be compensated for their loss.

LFG now currently holds 313 BTC, 39,914 BNB, 1,973,554 AVAX, 1,847,079,725 UST, and 222,713,007 LUNA (99% is staked with validators). The estimated value of their holdings is around $82 million. That is about 97% down from $3.5 billion held before the crash last week. 

Meanwhile, Dow Kwon, founder of Terra Labs, proposed a hard fork as a way for the Terra chain. Kwon proposed to fork the Terra blockchain into a new chain without algorithmic stablecoins.  The new chain will be called Terra, with a $LUNA token. The old chain will be called Terra Classic (token Luna Classic $LUNC). The new $LUNA will be airdropped to $LUNC stakers, holders, residual UST holders, and essential app developers. 

Polygon Extend a Helping Hand to Luna Projects

Polygon Studios CEO Ryan Wyatt offered to help Terra developers to migrate onto the polygon chain following the collapse of the Terra ecosystem. 

“We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform,” wrote Wyatt.

Many developers and projects decided to close down their Terra protocols, after the ecosystem collapsed. Some of the projects include Kujira, a decentralized trading platform, and Stader Labs, a DeFi protocol for staking LUNA. 

The Fantom blockchain and Juno Network also reached out to Terra projects and developers. They offered token funds, grants, and ecosystem connections to Terra projects looking for a new blockchain.

Written by Lindi Miti © Crypto University 2022      

You May Also Like…

Share This

Share this post with your friends!