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Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged Terra (LUNA) tokens to practically zero.
In a Friday post on Terra’s research forum, Kwon said, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” His proposal, which was in response to validator groups discussing the possibility of forking the Terra chain, involves compensating UST and LUNA holders who were unable or unwilling to sell their holdings during this week’s price collapse.
Kwon proposed that validators should reset network ownership to 1 billion tokens distributed among LUNA and UST holders as well as a community pool to fund future development. Specifically, 40% of the newly distributed tokens would go toward LUNA holders who held the asset before the depegging event; 40% would go towards UST holders on a pro-rata basis at the time of the new network upgrade; 10% would be allocated to LUNA holders just before the chain halted operations and the remaining 10% would go toward the development pool.
Regarding UST ever being repegged to the United States dollar, Kwon said it likely wouldn’t make a difference given the mass liquidity events across the Terra ecosystem this week. In other words, trust in the stablecoin model has been eroded permanently. He explained:
“Even if the peg were to eventually restore after the last marginal buyers and sellers have capitulated, the holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes.”
At its height in early April, LUNA’s market cap was over $41 billion, according to CoinMarketCap. The value of Terra’s UST, which can no longer be referred to as a stablecoin, peaked at almost $19 billion. After losing parity with the dollar, UST crashed to a low of around $0.13 on Friday.
Although there’s no way to fully restore the blockchain’s value, Kwon said the redistribution plan has to compensate the network’s debt holders and “loyal community members and builders.”
Kwon’s proposal was submitted roughly two days after he published a plan to save UST’s dollar peg, which involved increasing the special drawing rights pool and expanding the protocol’s minting capacity. The plan failed to win favor among the community of so-called “LUNAtics,” as the price of LUNA and its sister token continued to plummet.
The crypto job market shows few signs of slowing down despite high profile cases of staff layoffs and hiring freezes across big tech companies.
In recent weeks, several major tech companies have announced a paring back of staff, citing a downturn in the traditional market and narrowing demand for products that had boomed during the pandemic. Recently announced hiring cuts include Twitter, Uber, Amazon and Robinhood.
On Tuesday, movie streaming service Netflix terminated the roles of 150 mostly U.S.-based employees, amidst a slowdown in revenue growth. Earlier this month, Facebook parent company Meta instituted a hiring freeze for most of its mid and senior level positions after failing to meet revenue targets.
The crypto industry has not been totally immune. On Tuesday Coinbase announced it was slowing down its hiring, after posting a $430 million loss in Q1. Coinbase chief operating officer Emelie Choi told employees in an internal memo that plans to triple the headcount in 2022 were on hold due to market conditions that require the company to “slow hiring and reassess our headcount needs against our highest-priority business goals.”
So are we at the beginning of a major slow down in crypto industry hiring? Crypto recruiters Cointelegraph spoke to don’t think so.
We’ve been hearing about a big slowdown in tech but we’ve hardly noticed it other than many more candidates looking to enter the crypto markets. We’ve been overwhelmed with requests for quality candidates and have positions across all sectors.
— Cryptorecruit (@cryptorecruit) May 18, 2022
“We have not seen a slowdown in crypto hiring. We are as busy as ever,” said Neil Dundon, founder of Crypto Recruit..
Dundon’s firm specializes in recruiting exclusively within the blockchain and cryptocurrency space.
“We have a team based globally across the US, Asia/Pac and European regions and demand is equally as high across the region.”
Kevin Gibson, founder of Proof of Search told Cointelegraph that lay-offs in the tech sector have had little to no impact on his crypto industry clients so far.
“[I’ve] only heard of two companies letting people go,” said Gibson. “This may change in the next month but any slack will immediately be taken up by well funded quality projects. As such as a candidate you won’t notice any difference… if you do lose your job you will also have multiple offers pretty quickly.”
Gibson said that most crypto projects are still in the start-up and early stages of their life cycle, and are still operating off venture capital (VC) funding secured last year.
“The vast majority of quality projects were funded last year so [they will] continue to build & hire. There was such an imbalance of talent to role that any pull back from pre-funded projects will not be noticed.”
CB Insights’ State of Blockchain Q1 22 report stated that blockchain and crypto start-ups saw a record-breaking funding quarter, with venture funding reaching an all time high in the three-month period, raising $9.2 billion and beating the preceding quarter of $400 million in Q4 2021. It was the seventh consecutive quarter of record blockchain funding.
Dundon said he has seen more traditional tech companies and employees venturing into the crypto space, further enriching the crypto job market.
“At a minimum most forward thinking tech companies are allocating some budget to […] look at how they might incorporate blockchain into their existing models […] Not only are more companies venturing into this space but candidates are flocking over as traditional tech downsizes.”
A study from Linkedin released in January this year found that crypto-related job postings surged 395 percent in the U.S. from 2020 to 2021, compared to only a 98 percent increase in the tech industry in the same period. The most common job titles demanded included blockchain developers and engineers.
According to Glassdoor, the average annual blockchain developer salary is US$109,766. The average annual blockchain engineer salary sits slightly lower at US$105,180.
Asked whether the current crypto bear market may translate to more crypto company lay-offs, Dundon said that he doesn’t expect a similar situation to play out as it did in 2018.
“Crypto hiring in the past has tended to slow right down when the Bitcoin price tumbles. It was almost directly correlated to its price,” explained Dundon.
“This time it’s different though as crypto companies now manage their treasuries in a much more responsible manner […] This all translates to a much more stable hiring market.”
Aave (AAVE) has announced a new project called the Lens Protocol that focuses on helping developers build social networking decentralized applications (DApps) on the Polygon blockchain.
Apart from social media DApps, the liquidity market protocol creators aim to use nonfungible token (NFT) technology along with Lens’ open-source blockchain tech to allow developers to create marketplaces, recommendation algorithms and other applications. According to Aave, this will allow users to completely own their own data and give creators new monetization opportunities.
Lens Protocol allows users to have a single Lens profile that can be used through various DApps within the Lens platform. With this, users who are able to mint Lens NFT profiles will be able to access the 50 apps that will be released on Lens Protocol at launch. To further the creation of more apps on Lens, Aave also created a grant program worth $250,000 to fund developers who wish to create applications on the platform.
Stani Kulechov, CEO and founder of Aave Companies, believes that the people are ready for a new social media experience, as demonstrated by reactions to Elon Musk’s bid to buy Twitter. Kulechov explained:
“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.”
The Aave CEO also noted that ownership over content created online is “long overdue.” Furthermore, Sandeep Nailwal, the co-founder of Polygon, agreed with Kulechov’s notion and said that Polygon aligns with Lens’ goal of powering “secure content ownership.”
Back in April, Kulechov was banned from Twitter hours after jokingly tweeting that he will be joining Twitter as its interim CEO. The ban was lifted the next day as Kulechov tweeted another joke saying that he was back as the interim CEO of the company.
Without fail, crypto has a way of humbling even the most self-assured and this market is definitely not for the faint of heart. Nonfungible token (NFT) investors have entered what appears to be a bear market and the recent chaos is also impacting community morale.
The decline in NFT prices occurred as the United States Federal Reserve raised interest rates, Terra’s LUNA and UST-based platforms collapsed and traders came to terms with the reality that the entire sector could be in a bear market.
Things aren’t as bad as they were in 2018, but the NFT market isn’t as seasoned. Despite this, investors are already strapping up for potential future profits and ways to survive the current market downturn.
Week after week, most blue-chip tier NFTs maintained their position in the top 10 in total sales volume despite some floor prices dropping nearly 25% in the last seven days.
Notably, Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have all seen a decrease in their floor price. BAYC has since recovered from a dip in floor price after the Otherdeed launch and has seen a minimal 3% decrease in the last seven days. MAYC has seen nearly a 13% decrease in floor price in the last seven days.
MAYC has been on quite a ride, falling drastically from its peak at 41.2 Ether (ETH) to $120,386 at the time. Currently, MAYC is valued at 19.6 Ether, an approximate 53% discount since MAYC’s pump was largely due to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.
Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last seven days.
The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last seven days, the floor price decreased by 1.2%, and since minting, the price has dropped 55% from its all-time high at 7.4 Ether.
RTFKT studio’s CloneX floor price has dropped nearly 13% in the last seven days with volume decreasing slightly over 12%. However, these numbers do not phase the community.
Despite the recent dip, the RTFKT ecosystem is buzzing after celebrating the opening of Japanese contemporary artist Takashi Murakami’s An Arrow through History in New York City. The exhibit is currently in the Gagosian Gallery, featuring CloneX-inspired pieces along with pieces from Murakami’s first NFT collection, Murakami Flowers.
Even with the NFT market cooling, the pricing seems like a blowout sale to some investors looking to capitalize on news. As it would turn out, proclaimed blue-chip Azuki NFT took the biggest plunge in light of one of its founders, Zagabond, openly admitting to their tumultuous past plagued with rugging the CryptoPhunks and Tendies community.
I fucked up.
After the spaces today, I realized my shortcomings in how I handled the prior projects which I started. To the communities I walked away from, to Azuki holders, and to those who believed in me — I’m truly sorry.
— ZAGABOND.ETH (@ZAGABOND) May 11, 2022
As the famous adage goes, traders “buy the rumor, sell the news,” in an attempt to maximize profits. In light of Zagabond’s admission, holders decided to vote with their assets and Azuki’s floor price dipped by 74%.
Even with this volatility, Azuki currently ranks at the top of the charts for total sales volume on OpenSea.
NFTs are still considered the Wild West, but some investors are learning that everyone’s barometer for morals and ethics is slightly different. After the news sank in, Azuki’s floor price dropped precipitously but certain NFT influencers were quick to jump in and sweep the floors for potential future opportunities.
Since May 10, the Azuki floor price has steadily seen an increase above 10 Ether, an impressive 200% increase in total sales volume that occurred after fresh news circulated.
Azuki’s partner collection, BEANZ, had also taken an 83% reduction in its floor price. Even with the 248% surge in volume, BEANZ’ total sales volume has decreased by 64% in the last week.
Pre-reveal, BEANZ traded at 6.8 Ether and this price steadily descended post reveal to their current pricing at 1.65 Ether.
Other anticipated anime-inspired drops have surfaced such as PXN: Ghost division NFT, which slid into the top of the charts on OpenSea for volume. Ragnarok Meta also surged for a brief moment in its pre-reveal stage, but rumors that Zagabond was behind the project appear to be weighing on price.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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