Binance CEO Changpeng Zhao (CZ) has revealed that he doesn’t believe Do Kwon’s plan to save LUNA will succeed after the Terra co-founder announced his proposal to convert LUNA to a new version for revival ecosystem on May 13.
“This is not going to work. Forking does not bring any value to the new fork. That is wishful thinking. It is not possible to invalidate all transactions that rely on an old snapshot, both on-chain and off-chain.”
He went on to ask LFG where the BTC holdings went after lending to market makers. Do Kown claims a full report will be released soon and LFG is compiling use cases. He needs everyone to be “patient” because the team is “doing multiple tasks at once.” CZ also compares the strategy to trying to fork Bitcoin at ATH and expect the value to be retained.
CZ also notes that he has never held a UST and doesn’t “know it too well,” claiming he’s “used to be busy with other things, but now gets dragged into this.” His disdain for Do Kwon and the Terra blockchain is evident in recent tweets.
The Binance CEO even posted a link to a thread explaining the dead cat bounce on Binance Academy regarding LUNA’s price increase after Do Kwon made his proposal.
None of the proposals have been picked up by the validator yet, but the community continues to debate through the Terra forums.