Crypto's biggest asset is simply unbeatable, the community
For Hive users, communities are nothing new, however aside from having numerous cut off groups of users most often focusing on different niches of content, the community goes beyond content and into diverse fields including project building down to the very detail of each tokenomics.
I think it's incredible how each crypto project essentially operates as a Hive despite how outrightly centralized its structures may be under the hood. I was reading an article on the luna classic community today, something I don't often do as though to me, that project is as good as dead just like the new terra blockchain project and tokens but the topic was quite captivating as it had the word "community" situated quite comfortably between the texts.
If we pause a bit to examine each cryptocurrency project, we should be able to see how resilience they've been with that one thing called "community".
Bitcoin thrived with community involvement.
Ethereum thrived with community involvement.
Shiba Inu broke the internet with community involvement.
Leofinace has grown stronger over the years with community involvement.
Hive as a larger ecosystem has scaled through with community involvement, it really all boils down to community.
The more creative the community, the more powerful the project is and this has been proven numerous times with communities like the Ripple, battling the SEC and staying this fuckin calm is crazy to start with. The value of community at this point cannot be overstated.
LUNC Community Puts USTC Repeg Ideas into Practice Via L1JTF
As crazy as it may sound, this was the post that got me thinking, what are really the limits to what can be achieved with community involvement? And I realised that the concepts of "two heads are better than one" largly applies to cryptocurrency projects as though they are mostly governed via distributed influence protocols based on many things but most commonly native network assets.
The limits of what a community can achieve doesn't actually exist, anything is possible so somehow I look at the luna classic ecosystem and think of how crazy it would be to see them repeg and continue building in their own way.
The current proposal firstly, suggests the facilitation of USTC repeg could come with penalizing USTC holders for selling the asset below its assumed peg at $1. The second suggested creating a special staking vault. With implied divergence fees on trading, USTC staking could be used to reduce the supply of the malfunctioned stablecoin. Finally, after Terra Classic USD (USTC) is back at the $1 peg, LUNC member Redline Drifter offers to create a liquidity pool between USTC and LUNC and more.
As crazy as it may seem, the first proposal is really interesting and really seems like the easiest way to get the job done but we know the easiest way may not always be the best way so many things like how to sustain the ecosystem and maintain the peg afterwards comes into play.
So if the Luna classic community can come up with ideas to do that, we could see USTC regain its peg and march on with deploying new products into the market. It would be crazy for real and would create a new list of crypto millionaires obviously. This is the power of community!
This is not financial advice.