Loop Finance moves to Juno and TerraForm Labs airdrops $US12 Million to Mirror Hacker
When the Terra (Luna) Network began to crash Loop Loop Finance the popular Terra Community financial blog and Decentralised Exchange (DEX) was in the process of expanding into NFT utilisation and a learn protocol that would support Crypto enthusiasts to earn rewards while learning about the cosmos.
Loop Finance hung around and waited in the hopes of a full recovery however, it began to become quite clear that Terra (Luna) Network was finished and wasn't going to crawl back from this massive depegging event.
Despite holding tight the protocol and their team needed to take action and not wanting to go against their community decided to reach out to let the community decide on where they should go next.
@jk6276 through out the first offer for Loop to come to Hive and Khal offered a Colab which did open the door to a possible partnership between @Leofinance and Loop Finance. I believe Loop Finance team did investigate the possibility of coming to Hive.
However, given their protocol is built in wasm. code and operational on the Cosmos SDK The barrier to come across to Hive Blockchain and the current community wanting Juno Through a community vote Loop Finance has decided to head to Juno.
What is Juno?
I will keep it brief in this article as Juno deserves it's own write up but in summary Juno is the next iteration in smart contracts built on the Cosmos SDK with tendermint technologies that enables interblockchain transfers for fast and cheap fees.
Juno is decentralised and a more updated version of wasm. and Rust code with additional security features and it's direct governance token is Atom. You can check out 5 things you need to know about Juno in the interim while we produce an article.
What to expect with the Juno partnership
In a Loop Finance update Loop will be continuing to host the Terra UI/UX for aslong as it is reasonable to do so. However, Juno has welcome Loop with open arms and is providing them with an establishment grant and as such a new token will launch with a new UI/UX.
An airdrop will be provided to former authors on Loop Finance and not those who bought during the crash that tried to cash in on the chaos. Rusted on supporters who believed in Loop will be looked after.
Which is welcoming news to the many supporters who got burned on Luna.
TerraForm Labs accidentally pays Hacker $US12 Million
In what can only be described as a monumental failure that jeopardises the entire relaunch of Terra 2.0 the infamous hacker who syphoned millions from Mirror has been provided an airdrop of 2.1 Million Terra tokens although there isn't currently enough liquidity to withdraw the assets this still raises significant concerns for the future of the token as this is now a financial risk to all those invested.
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