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May 17 - 01:05 PM

Crypto: Terra Was A Carefully Designed Protocol Despite Failure- BofA

By eFXdata  —  May 17 - 01:00 PM

Bank of America Global Research on the recent situation in the Terra-Luna network. 

"Despite its ultimate failure, the Terra blockchain was a carefully designed protocol that included decentralized oracle networks for fiat-currency price discovery, accelerating rewards for network validators, a decentralized governance mechanism and a Treasury that acted as a Venture Capital firm to fund and support an ecosystem of decentralized applications that ran on the Terra blockchain," BofA notes.

"It remains unclear if the Terra protocol would have succeeded over the long-term without the decision to fund an application intended to drive speculative UST demand," BofA adds. 

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Source:
BofA Global Research

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