Do Kwon, the CEO of Terraform Labs, a cryptocurrency ecosystem that caused investors severe losses when both its stable coin TerraUSD and token Terra (LUNA) crashed, has turned to Twitter to express his most recent thoughts on the recent cryptocurrency market crisis.
Notably, Bitcoin dropped below the critical $20,000 support level on June 18; as a result, the price of the premier digital asset hit its lowest point since December 2020.
He was discussing the market meltdown, in which the Luna Foundation may have participated accidentally when it traded Bitcoin in May to help finance TerraUSD.
Kwon declared: “Be the change you want to see in the world. The past month of crypto holds insights that will fuel the ascent of the next generation of builders.”
Moreover, Kwon emphasised the advantages of decentralised finance (DeFi), stating that believers in Defi must embrace volatility as the price of attaining power over their life and that these beliefs should not be made invalid by the liquidations in the crypto market.
“Decentralized finance and currency oppose state-sponsored violence vs financial autonomy. Volatility is the cost believers must pay to attain this sovereignty. These convictions should not be invalidated by liquidations.”
He added: “Create systems that are more robust and resistant to such assaults. Accept the challenge or yield; nevertheless, be forthright about whether you are fighting for a sovereign future or better numbers. “Cryptocurrency wins when the former group is larger than the latter.”