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On June 29, President Xi Jinping met with Belarusian President Alexander Lukashenko at the Diaoyutai State Guesthouse in Beijing. Xi Jinping emphasized that China and Belarus should maintain strategic communication and promote the sustained development of bilateral relations at a high level, so as to better benefit the people of both countries. China supports Belarus in safeguarding its national sovereignty, independence, and territorial integrity, and in pursuing a development path suited to its own national conditions. China is willing to continue to provide assistance to Belaruss development and construction to the best of its ability. The two countries should mobilize resources from all sectors to promote the Belt and Road Initiative and enrich the content of pragmatic cooperation. China is willing to work with Belarus to jointly build a community with a shared future for mankind, implement the four major global initiatives, strengthen coordination and cooperation within multilateral mechanisms such as the United Nations and the Shanghai Cooperation Organisation, and act as a stabilizing force in a turbulent world.The South Korean government expects to invest 81 trillion won in the chip packaging cluster in Chungcheong Province.The South Korean government plans to build four chip factories in the southwest, with an investment of approximately 800 trillion won. Samsung Electronics will build two new semiconductor factories, and SK Hynix will build two new factories. The government expects to invest at least 30 trillion won in the chip sector over the next 15 years, including next-generation memory, edge AI, and defense.June 29th - Toyota Motor Corporation recorded its fourth consecutive month of sales decline, impacted by the turmoil in the Middle East and intense market competition. Toyota stated on Monday that its global sales in May (including those of its subsidiary Daihatsu) fell 7.4% year-on-year to 885,207 vehicles; global production declined 5.8% to 857,765 vehicles. Despite the US-Iran agreement to end the conflict, the Strait of Hormuz is only gradually reopening to navigation, and attacks on ships continue to occur. This highlights the continued heavy reliance of Toyota and other global automakers on the regions logistics corridors and energy-intensive supply chains. For Toyota, which has long held a leading global sales position, these risks are threatening its record profit levels achieved in the past fiscal year.South Korean President Lee Jae-myung: We will invest in a chip manufacturing base in the southwest region of the country.

LUNA Revival，Terra Founder Do Kwon Fails to Stimulate UST

Jimmy Khan

May 12, 2022 09:47

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Terraform Labs CEO and Terra blockchain pioneer Do Kwon broke his silence on Wednesday, after a night of volatility in the UST and LUNA markets.


Markets had been expecting him to present an alleged "recovery plan" as promised in a tweet on Tuesday for over 20 hours.


Kwon speaks to the Terra residents.


"I realize the past 72 hours have been tremendously difficult for all of you," he added in a fresh Twitter thread on Wednesday, before promising the Terra community that "I am committed to work with every one of you to weather this crisis, and we will build our way out of this." Together.”


"Before $UST can start to repeg, the only road ahead will be to absorb the stablecoin supply that wants to go," he stated.


As a consequence, he said that Terraform Labs (TFL) "endorses the community proposal 1164," which would enable the Terra blockchain to absorb the UST supply more swiftly.


"Obviously, this comes at a great cost to UST and LUNA holders," he continued, "but we will continue to investigate alternative strategies to bring in additional external money to the ecosystem and minimize UST supply overhang."


Other community recommendations, he added, will be examined as well.


Kwon went on to say that once UST is rebuilt, the collateralization method would be tweaked, and he ended his post by trying to calm down the Terra community.


"With hundreds of dedicated teams producing category-defining apps inside the Terra ecosystem, it is one of the most vibrant in the crypto business," he added. "We will emerge out of this together as long as these builders, including TFL, keep building."

The UST and LUNA Markets Were Unimpressed.

The price of Terra's flagship algorithmic stablecoin UST has not recovered as a result of Kwon's "recovery plan." As the start of the US trading day approaches, it continues to trade at low levels in the $0.30 range.


Meanwhile, the influx of UST supply, which is then turned into LUNA supply thanks to Terra's mint-burn process, continues to weigh hard on the token. It just dropped below $2.0 for the first time since February 2021.


LUNA/USD has lost almost 97 percent of its value since the beginning of the week, when it was trading at $65 per token, and is down over 98 percent from its all-time high near $120 at the beginning of the month.


The selling pressure on LUNA is unlikely to diminish as long as there remains a backlog of UST to be converted into LUNA (where it will almost certainly be sold soon after conversion).


With UST trading so much below its peg, many UST holders will have no choice but to use Terra's mint-burn mechanism to convert their UST into the same USD amount of LUNA and then sell it immediately.

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