Do Kwon, the founder and CEO of Terraform Labs, has recently taken to Twitter to urge the crypto investors to not let the current market condition affect their faith in bringing the change they have been longing to see for many years.
Do Kwon shared these words of exhortation in a series of tweets a few hours ago, following the collapse of the Terra ecosystem and the creation of an entirely new blockchain, which birthed Terra (LUNA 2.0).
Do Kwon tweeted, “Only hold beliefs that will stay constant at 5 digits or 1.”
Only hold beliefs that will stay constant at 5 digits or 1
— Do Kwon 🌕 (@stablekwon) June 18, 2022
Kwon: Be the Change You Want To See
As Kwon urged crypto investors to be the change they want to see, he also emphasized the fact that there are lessons to learn from incidents that have negatively impacted the crypto industry in recent months. He said rather than causing a setback, the lessons will strengthen the next generation of builders.
He also stressed the importance of decentralized finance (DeFi), stating that volatility is part of the game that will bring transformation and no form of liquidation can invalidate those beliefs.
Do Kwon noted:
“Be the change you want to see. The last month for crypto has lessons that will power the rise of the next gen of builders to great heights.
“Decentralized finance and decentralized monies protest against state sponsored violence vs financial sovereignty. Volatility is a price believers pay to achieve that sovereignty. Liquidations should not invalidate those beliefs.
“Create systems that are stronger and more resilient to those attacks Rise to the challenge. Or capitulate – but be honest whether you are fighting for a sovereign future or for higher numbers. Crypto wins when there are more in the former camp than the latter.”
Do Kwon shared this tweet amid the market capitulation that currently makes virtually all cryptocurrencies in the market break below their strong support levels.
At the time of writing, Bitcoin (BTC), the largest cryptocurrency by market cap, now trades below $20,000, while Ethereum (ETH) has dropped below $1,000.
Despite the devastating trend, some crypto proponents, such as Ripple CEO Brad Garlinghouse, who have been around for many years, believe that “this too shall pass.”
A few days ago, Brad Garlinghouse tweeted, “Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years)…
“The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race.”