China News by Thebittimes.Com

Meanwhile, some members of the community argue validators have stopped contributing to the LUNC burn campaign after Binance restored its LUNC burn mechanism in March. advertisement Joint L1 Task Force Reports Q2 Status Report and Ongoing Work Terra Luna Classic L1TF project manager LuncBurnArmy took to Twitter on July 10 revealing a status update for tasks from June 26 to July 11. He said the developer team will focus on upgrading Astroport’s smart contract in the next Sprint #8, before moving to the Q3 roadmap. “A separate end of Quarter update will be provided which reviews the Q2 in-scope items, as their status of completion at the end of the quarter.” Meanwhile, the L1TF is working to stabilize things impacted by the CosmWasm Parity upgrade, bringing major changes to the chain last month. Also, Terraform Labs (TFL) has merged pull request, which enables the community to swap between LUNC and USTC using TerraSwap using TFL Station. ...

Ethereum continues to be the dominant blockchain for developer activity, however, a few other chains continued to make ground. The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices. According to a Jan. 16 report from Electric Capital, “full-time” developers — categorized as those who contribute to 76% of Github commits — also increased 15.2% to over 7000, while “one-time” builders fell 6.2% to over 3,500 during the same time period between December 2021 and December 2022 Despite the crypto market capitalization beginning its long plunge from from its all-time high (ATH) of $2.9 trillion in Nov. 2021, monthly developer activity only began to fall in Jun. 2022 after the metric reached its record high of nearly 26,500. This fall was partly attributed to the fall in developer activity in the Terra ecosystem following ...

“I thought we already figured this out, algorithmic stablecoins, not the best option,” a community member wrote on Twitter. With the new announcement that Cardano is on its way to release an algorithmic stablecoin in 2023, various community members expressed concerns, comparing the project to Terra USD (UST), which caused great losses within the crypto space in 2022.  According to its developers, the stablecoin project Djed will be pegged to the U.S. dollar and backed by Cardano (ADA). Apart from this, it will be using another token as its reserve coin. The project highlighted that it will be overcollateralized and will have on-chain proof-of-reserves. Despite the assurances given by the team, various community members expressed concerns, with some bringing the recently collapsed UST to the conversation. One community member was seemingly confused as to why another algorithmic stablecoin has come out despite Terra showing that they could go wrong. “I thought we already figured th...