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Changpeng \u201cCZ\u201d Zhao, the CEO of crypto exchange Binance, recently questioned the idea of hard forking the Terra blockchain as a means to revive the once-thriving LUNA and UST ecosystems. Following up on the same, CZ revealed his perspective on the appropriate course of action for falling projects across the crypto community.<\/p>\n
\u201cThis won\u2019t work,\u201d said<\/a> CZ while dismissing the validators\u2019 idea of a hard forking to TERRA2, which would involve providing a new version of LUNA to all holders based on a snapshot of the holdings before the market collapsed. CZ suggested:<\/p>\n \u201cReducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin. I don’t own any LUNA or UST either. Just commenting.\u201d<\/p><\/blockquote>\n Instead, he suggested that the Terra community should first use its Bitcoin (BTC) reserves to buy back UST to revive its pegging.<\/p>\n 1\/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.<\/p>\n\n