Daily Flash | Do Kwon proposed the plan of "rebuilding Terra"；The weekly net inflow of the cryptocurrency market hits a new high this year

Today's Topic - Terra founder Do Kwon proposed a new reconstruction plan

On May 17, according to the Terra community website, Terra founder Do Kwon proposed the "rebuilding Terra ecosystem plan 2", the specific contents are as follows:

1. The Terra chain is forked into a new chain without the algorithmic stablecoin. The old chain is called Terra Classic (Luna Classic token, i.e. LUNC), and the new chain is called Terra (Luna token, i.e. LUNA);

2. Luna will airdrop to Luna Classic stakers, Luna Classic holders, remaining UST holders and basic application developer of Terra Classic;

3. TFL's wallet address will be removed from the airdrop whitelist, making Terra a fully community-owned chain;

4. Encourage network security through token inflation, with a target staking return of 7% per year.

The plan is still in consultation with the community, and the specific details may change. The proposal will take effect after the token holders vote, and the voting will begin on May 18.

What do you think are the merits of this plan? Are you optimistic about Terra's reconstruction plan?

Today's Chart - The cryptocurrency market last week saw a net inflow of $274 million, a new high for the year

On May 16, according to the CoinShares report, the net capital inflow of the cryptocurrency market last week was $274 million, a new high in the year. Among them, Bitcoin has the largest capital inflow, with a total inflow of $299 million last week. Ethereum continued to see an outflow of $27 million last week. In addition, the total capital outflow of blockchain stock investors was $51 million, the third largest capital outflow record.

Today's Influencer - Vitalik Buterin hope Ethereum become a long-term stable system more like Bitcoin

On May 17, Vitalik Buterin, founder of Ethereum, tweeted: "there are still some open contradictions in my thoughts and values. I've been thinking about it, but I still feel that I haven't completely solved it. I hope to see Ethereum become a system more like Bitcoin, emphasizing long-term stability, including cultural stability, and I realize that to achieve this goal requires a considerable number of positive and coordinated short-term changes. There is a contradiction between the two. "

In addition, Vitalik said: "I tend to reduce the dependence on individuals and try to establish a fixed system that can stand the test of time. I hope to see Ethereum become an L1 that can survive in real extreme situations, but I realize that many key applications on Ethereum have relied on security assumptions, which are much weaker than anything we think can be accepted in Ethereum protocol design, and there is a contradiction between the two. "

For financial blockchain applications, Vitalik said: "I don't like many modern financial blockchain 'applications' (such as high-price NFTs, etc.), but what I reluctantly appreciate is that these things are an important part of maintaining the operation of cryptocurrency economy and pay for all the cool DAO / governance experiments I like."

Make ETHs BTCs? Like DAO instead of NFT? What views do you agree with Vitalik Buterin? You are welcome to share your views on our blog posts.

Hot events yesterday - #Vitalik Buterin said Terra should protect smallholders, #Grayscale launched the first ETF in Europe

Vitalik Buterin: Terra should protect smallholders rather than blue whales

Grayscale launched its first ETF in Europe, which will provide many types of investment exposure

Celebrities may be banned from endorsing cryptocurrency advertisements in India

El Salvador will discuss Bitcoin adoption and other issues with 44 countries

The Australian Tax Bureau has classified crypto capital gains as a key area of concern

Author: Gate.io Researcher Byron B. Translator: Joy Z.
* This article represents only the views of the researcher and does not constitute any investment advice.*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.