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Jun 18, 2022
by Usha Yadav
Terraform Labs CEO Shares Views On the Current Crypto Market Crash
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Do Kwon, the CEO of Terraform Labs, took to Twitter to express his thoughts on the crypto market crash. Notably, on June 18, Bitcoin plummeted below the critical $20,000 support level, marking the lowest price for the flagship digital currency since December 2020. He was discussing the market fall, which he believes the Luna Foundation may have contributed to unwittingly when it traded Bitcoin in May to help fund TerraUSD. Kwon stated:
"Be the change you want to see. The last month for crypto has lessons that will power the rise of the next-gen of builders to great heights."
Furthermore, Kwon emphasized the advantages of decentralized finance (DeFi), stating that DeFi supporters must embrace volatility as a cost of gaining control over their life and that the crypto market's liquidations should not nullify these convictions:
"Decentralized finance and decentralized monies protest against state-sponsored violence vs financial sovereignty. Volatility is a price believers pay to achieve that sovereignty. Liquidations should not invalidate those beliefs."
"Create systems that are stronger and more resilient to those attacks. Rise to the challenge or capitulate – but be honest whether you are fighting for a sovereign future or higher numbers. Crypto wins when there are more in the former camp than the latter," he added.
The Market's Impact on Terra
Many investors and traders who lost money due to the crash will be disappointed to hear Kwon's latest comments on making "systems that are stronger and more resilient to those attacks." Indeed, before the meltdown, some in the cryptocurrency community expressed worries about the reliability of TerraUSD and the need for traders to act as its backup.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.