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| A Major Update On Terra Luna |
Major update to Terra Luna if you hold UST if you hold Terra if you know somebody, this affects, and quite honestly this affects the entire Crypto Currency ecosystem pay attention because I have breaking news this just happened.
Today I'm going to share with you all the details Do Kwon the now-infamous co-creator of Terra Luna wants to and is actually putting measures in place to Fork Luna's blockchain to make Terra Classic. Where the Luna that is around right now would be renamed Terra Classic and the Forked Luna would just be named Terra. Same Ticker Luna under a new plan proposed by Do Kwon the current chain would be renamed Terra Classic. The new chain would actually ditch their stable coin UST would be no more he introduced this concept to his community in a Twitter thread and blog post beginning Terra is more than UST in the blog post.
He laid out the motivation for this change. He says while UST has been the central narrative of Terra's growth story over the last year. The distribution of USD has led to the development of one of the strongest developer ecosystems in Crypto the Terra ecosystem and its community are worth preserving Terra's app ecosystem contains hundreds of developers working on everything, from defying to Fungible labor markets state of the art infrastructure and community. Experience Terra station has a large install base with million-plus users across the world although distressed strong brand recognition.
A name that almost everyone in the world will have heard about UST peg failure is Terra's Dao hack moment. A chance to rise up anew from the ashes he's saying Terra is more than just a stable coin in his opinion, although it might be hurt right now. The terra brand is strong according to him we don't need the stable coin. This is just Terra's defy ecosystem but according to him, it's worth preserving along with any ecosystem that's growing in Terra that is not the stable coin let's cut right to it what exactly is Do Kwon planning to do the Terra chain as it currently exists should be forked into a new chain without algorithmic stable coins.
It will be called Terra the same name it will have the same ticker the old chain will change and be called Terra classic with a news ticker. Both chains will coexist. The new Luna will be airdropped to old Luna stakers, holders, residual UST holders, and essential app developers. Also, the Luna foundation's wallet will be removed from the airdrop making Terra a fully community-owned chain. Stakers, holders and stable coin residual holders and stakers, and essential app developers well who are these essential apps. He is referring to that will get the airdrop it's everything from infrastructure to Dex, to explorer, payments, wallets.
It includes lending, analytics, staking derivatives, launchpad, bridges, stable coins which are not Algorithmic, NFT exchanges insurance, Defi strategies, Games, and others. Again there is an ecosystem worth preserving according to Do Kwon we believe this token distribution in addition to best efforts by the Luna foundation to make UST stable coin holders whole best solves the varying interests and time preferences for each stakeholder group and most importantly create the most viable path to revive the Terra ecosystem Terra 2.0 is focused on developers will get an immediate emergency allocation of Luna tokens to fund runway.
As well as a pool of tokens earmarked to align the interests of the base layer with its builders now. He can't just do this by himself he must have support from the Terra developers and he puts out a call to action. I encourage Terra developers to signal support and commit to building on the fork on public channels as soon as possible. He wants them to signal support as soon as possible in my opinion they will signal support. They want that airdrop they want to be made whole if they hold Terra or if they hold the stable coin which is both down. The Luna foundation will be initiating a governance proposal for the network fork in the next few hours it's going on.
Right now if the proposal passes then it will coordinate the fork with validators next Friday the 27th. If you hold Luna or if you hold UST, I would think surely you would want this to go through to be clear the new chain will be airdropping 1 billion Luna tokens between developers UST holders, and those who held or staked Luna or its derivative projects before the price of the stable coin d-pegs. So you can't just go buy some right now. the redistribution will include vesting schedules and token lockups for most of the Luna. So everybody can't just sell it once ostensibly to avoid a steep price decline as Terra determines. how to move forward without UST at its center.
For full details visit the blog post you'll find out the motivation which we went over the TLDR the essential app developers the token distribution the technical details roles and responsibilities and of course the exact timeline again if this goes through the 27th of this month a new Terra will appear. personally, I think this needs to go through a lot of people have lost a lot of money with Terra used to be over a hundred dollars now a fraction of a Penny UST is supposed to be pegged at one dollar currently 10 cents. It's really unfortunate that Terra imploded this hurts the whole Crypto Currency market.
But this specifically hurts the people that were actually holding Terra Luna or holding the stable coin I feel for you I know a lot of people that got burned hundreds of dollars thousands of dollars hundreds of thousands of dollars if you are a victim. Binance revealed their 15 million Luna tokens worth 1.6 billion at all-time highs are now valued at $ 3000. Never sold they kept holding and now they barely have anything props to Binance but this is a big loss for them also they held 12 million UST stable coins from staking now that's valued at just 1.5 million again another burn. This is the biggest loss as far as I can tell in the whole Luna debacle.
This was cz's tweet alerting the community about where finance stands with all of this he says never moved never sold again props to Binance for not selling and trying to get out as everything was tanking and again this affected the whole market bitcoin still below 30,000. It might go lower but what an opportunity right people loved bitcoin at 69,000 but thought it was expensive now bitcoin is a lot cheaper than 69,000 at 29,000 but people aren't interested. how does that work how low could Bitcoin go well? Let's take a look at a few metrics the last time bitcoin lost the log channel was March 2020.
A Major Update On Terra Luna
A Major Update On Terra Luna
This is when bitcoin also dipped below the 200 SMA right here log channel clearly shows bitcoin is entering a period of outsized opportunity but does the price need to drop as low as the 200 SMA to completely the bottom which would put bitcoin much closer to twenty thousand dollars the last all-time high obviously if any of us knew the future. We had all be rich you're never gonna time the exact bottom we've entered into a level where I have begun to cost average much more heavily check out this bitcoin volume at these levels have marked the bottom the last three times huge volume spike for this bottom are we there yet well.
A Major Update On Terra Luna
A Major Update On Terra Luna
Even if I don't expect bitcoin to go back up tomorrow you know there's going to be a lot of ranging a lot of chop consolidation just like there always is yet bitcoin from a network perspective looking strong its hash rate is making all-time highs and in this case, its layered two lightning network capacity continues to hit all-time high levels.
A Major Update On Terra Luna
Anyways I hope I am able to provide you with value in today's blog.
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