Do Kwon has a plan to try to revive the Earth’s ecosystem and its cryptocurrency MOON: Retire current network and UST stablecoin.

South Korean founder of Terraform Labs defended this Monday (16th) that Earth’s blockchain must go through hard fork which will split the current network into two parts. The old version will be called “Terra Classic” and the new one will be simply “Terra”.

With the adoption of the new version of the blockchain, a new cryptocurrency called Luna appears on the market, and the old token is renamed Luna Classic with the symbol LUNC.

In the new Terra ecosystem, UST is abandoned in the old chain, and the updated version of Terra no longer has stablecoin algorithm.

“Land is more than UST,” Kwon wrote. “While UST has been the central narrative of the Earth’s growth story over the past year, the spread of UST has led to the development of one of the strongest developer ecosystems in crypto that is worth preserving.”

Case a offer will be voted on by the community this Wednesday (18), the hard fork that will create the new Earth circuit will take place next Friday (27).

Distribution of the new version of LUNA

If the hard fork is approved, the new version of Luna will be distributed in the form of airdrops targeted at coin holders.

According to Do Kwon’s proposal, Luna will be distributed free of charge to holders and users who make bid current currency version; for UST holders and developers of major Earth applications.

According to Kwon, the Terraform Labs wallet will not be participating in this giveaway, which “makes Terra a fully community-owned network.”

The tokens will be distributed to users who had Luna and UST in their wallet at the time the snapshot was taken, with a record of the wallets and their amounts in the given time period.

To determine the distribution of tokens, two snapshots will be taken: the first entry “before the attack” will be from block 7544914 on May 7, and “launch” will be block 7790000 mined on May 27th.

In total, 1 billion Luna tokens will be issued in the new version of the blockchain, distributed as follows:

25% – community pool regulated by management

1% – emergency allocation for core developers (no crashes)

4% are core developers

35% – holders with Luna (minus Terraform Labs wallet) in snapshot”before the attack”

10% – Luna holders (including derivatives) in a snapshot”launch”

25% – UST holders in the picture”launch”

In order to prevent tokens from being dumped into the market after launch, the proposal states that new holders will be locked by coins (cliff) during a year.

“We believe that this distribution of tokens, in addition to LFG’s best efforts to help UST holders, better takes into account the different interests and time preferences for each stakeholder group and, more importantly, creates the most viable path for the rebirth of the Earth’s ecosystem.” concluded Do Kwon.

In the first quarter, Millennium BCP posted a profit of 113 million euros, up 95% on the same period last year. The vast majority of this result came from Portugal at €107.6 million, up 29% year-over-year, the bank said in a statement to CMVM.

A result that was “impacted by €123.3 million in fees associated with a Swiss franc loan portfolio provided by a subsidiary in Poland.” Excluding these expenses, the net profit would have been 174.6 million euros, the bank guarantees – in this case, an increase of 52.6% compared to the comparable value in 2021.

The bank also reports that operating expenses reached 255 million euros, up slightly by 1.1%.

In terms of equity, which indicates the bank’s ability to withstand external shocks, the CET 1 (Common Equity Tier 1) ratio was 11.5%, while the total capital ratio was 15.5%.

The total assets of the bank increased from 88.4 billion euros to 95.6 billion euros, an increase of 8.1%, the bank also indicates.

Deposits and other customer resources increased by 10.1% (from 65.3 to 71.9 billion euros), while loans to customers increased by 4.5% (from 54.2 to 56.6 billion euros).

In the difference between these two elements – interest charged on loans issued and interest paid by the bank to depositors – net interest income increased by 24.1%, to 465 million euros.

As for overdue loans, they grew from 5.5% to 4.6% over the year.

Inflation and interest rates do not significantly affect impairment

At a press conference this Monday, Miguel Maia said that inflation and the new context of higher interest rates should not have a major impact on the bank’s depreciation. “In the main scenario, I don’t see an increase in impairment,” the bank’s CEO said.

This greater calmness is facilitated by the employment situation. If there had been an escalation in this case, “we could have had an additional problem,” he added. “Fortunately, no.

Miguel Maya, who even sees some positive effects in moderate inflation, stresses that it will now depend on how long it takes to reach the 2% level. According to the CEO, the war will continue to play an important role in determining the evolution of prices.

Regarding the possible purchase of Novo Banco, Miguel Maia reiterated that Millennium BCP’s growth is occurring organically and not through acquisitions. “It’s not part of our strategy to make it clear once and for all,” shot Miguel Maia, who however admits he’ll appreciate the opportunity when it becomes available. “We look at any operation that enters the market,” he stressed.

BUT The European Commission is more optimistic and sees Gross domestic product (GDP) of Portugal will grow by 5.8% this year, which means an upward revision from previous forecasts. OUR The inflation rate, also revised upwards, should be set at 4.4%. em 2022, according to the spring economic forecast released this Monday.

In a previous forecast released on February 10, the European Commission estimated that Portugal’s GDP would grow by 5.5% this year. The inflation forecast was 2.3%.

The report of the European Commission notes that “in Growth prospects remain strong despite challenges associated with commodity prices, global supply chains and greater uncertainty in external demand.”

With the settlement rate for this year, Portugal will be the country that will grow the most in 2022according to the forecasts of the European Commission:

Growth forecast for 2022 (%):

🇵🇹 5.8
🇮🇪 5.4
🇲🇹 4.2
🇪🇸 4.0
🇦🇹 3.9
🇸🇮 3.7
🇵🇱 3.7
🇭🇺 3.6
🇬🇷 3.5
🇭🇷 3.4
🇳🇱 3.3
🇫🇷 3.1
🇪🇺 2.7
🇬🇴 2.6
🇩🇰 2.6
🇮🇹 2.4
🇱🇺 2.2
🇸🇪 2.3
🇸🇰 2.3
🇨🇾 2.3
🇧🇬 2.1
🇱🇻 2.0
🇧🇪 2.0
🇨🇿 1.9
🇱🇹 1.7
🇩🇪 1.6
🇫🇮 1.6
🇪🇪 1.0

Spring #ECForecast ↓

— European Commission 🇪🇺 (@EU_Commission) May 16, 2022

Next year, Brussels forecasts GDP growth in Portugal at 2.7%, while inflation is expected at 1.9%.

The European Commission also improved by 1.5 percentage points (pp) the Portuguese deficit forecastpending government account deficit 1.9% this year, in accordance with government decree.

In its spring macroeconomic outlook, Brussels projects a deficit of 1.9% of gross domestic product (GDP) this year, compared to 3.4% estimated in the fall, and is also more optimistic about budget performance in 2023, when a deficit is expected. at a rate of 1%, when a negative balance of 2.8% was previously predicted.

Thus, the European Commission’s forecast of a shortage of technical specialists is in line with the forecast of the Ministry of Finance for this year, which is the basis of the state budget proposal.

Read also: Inflation is at 6.1% this year in the eurozone, peaking in the second quarter.

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