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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.
Read More: What Are Top Crypto Coins That Will Go Mainstream by 2025?
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.
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| A Major Update On Terra Luna |
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| 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.
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| A Major Update On Terra Luna |
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| 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.
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| 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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