Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-05-20 08:00:08

Terra was “Poorly Designed” But Not Intended as a Rug pull, Says Tether’s CTO

Tether CTO Paolo Ardoino said that the Terra (LUNA) project was not intended to be a rug pull, but was simply “poorly designed.” UST Was a ‘Castle of Cards’: Tether CTO Appearing on the crypto-focused Reimagine Unplugged podcast this week, Paolo Ardoino, the CTO of stablecoin issuer Tether, compared Terra’s UST stablecoin to a “castle of cards” that was due to fall at any time. CTO @Tether_to, @paoloardoino on $UST: “It's all fun and games until you are a 10 billion stablecoin. And then it becomes much harder the faster you grow, the more you grow, right, because if you are a stablecoin, especially an algorithmic stablecoin.." https://t.co/UNuvNhZoP9 — REIMAGINE – Web3 Events and Media (@REIMAGINE_2021) May 18, 2022 He further opined that another big problem for Terra’s demise was with its creator Do Kwon’s over-confidence and misguided sense of belief: “I don’t know Do Kwon. But let’s give him the benefit of the doubt. He created this project with arrogance and with thinking that he was right and many were supporting him, of course, probably for economic reasons, but was not per se, a rug pull right, it was a project that was poorly designed as many projects are poorly designed.” Ardoino later went on to say that the UST had simply become too big to maintain its peg, as its collateralization was not large enough to support the stablecoin but was still “big enough to crash the market even further.” Regulatory Clarity on Stable...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer