Luna Foundation to Utilize AVAX Reserves & Second Revival Plan by Terra
As you may remember, the Luna Foundation declared that they added AVAX to their reserves of UST stablecoin. Luna Foundation added $100M worth of AVAX besides BTC, ETH, LUNA, BNB, and other top coins in the market.
When the peg was broken, the Luna Foundation started its operations to peg the UST again. However, the FUD waves were too strong for the team to be able to outperform the sellers. In the end, the reserves started to melt like crazy.
Not very long, just 9 days ago the reserves of LUNA Foundations were adorable. When we consider a strong community, hyped Anchor %20 stablecoin APR, and other positive narratives, there was no serious concern for common investors.
As a consequence of the FUD and short sells, the reserves were emptied of cryptocurrencies except for AVAX. WHY?
Note: You can read this Twitter threat is about the reserves and the policy of Luna Foundation to use their sources.
AVAX Coins are on Staking
Nearly 2 million AVAX coins were not sold by the team not because the team believes in the future of AVAX or because they are maximalists but because they locked all these AVAX coins to get staking rewards in their reserves.
Sad for the team, they could not use their resources in AVAX during their peg-wars. If they were able to sell AVAX, 60 to 100 M worth of USD would be available for the team to use when it was urgent. However, the crypto investors shorted AVAX assuming that the team would sell off their AVAX investment, as well.
What will LUNA Foundation do with 2M AVAX?
Short answer: OTC = over-the-counter
The Avalanche team has already contacted with Luna Foundation to buy all their AVAX coins without using a middleman on this trade. With this move, the Avalanche team aims to end up this fear over a possible drop in the price and they want to save their brand name in this catastrophic condition.
What if the LUNA Foundation Sells AVAX on the Market?
It would give birth to a daily swing.
Considering the daily trading volume of AVAX, it may not have a huge impact on the price of the coin even if 2M AVAX are traded on the market.
Second Revival Plan by Do Kwon
This time the motto is "Terra is more than UST" by eliminating UST from the Terra ecosystem in the hard fork. The main motivation of the second hard fork proposal is, of course, to keep the developers, projects, and community before they all flee.
Second Revival Plan has some mutual points like hard fork and new page for the LUNA history. However, as we discussed earlier, the first revival plan was not embraced by the community.
With that amount of LUNA printed and the reaction of the market to the news, we still do not see any clear evidence for LUNA ecosystem to recover.
I feel sorry for those who lost their savings but there is no hope yet.
Posted Using LeoFinance Beta
https://twitter.com/idiosyncratic1_/status/1526284386521559040
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
I might buy a few million LUNA for $1 soon….
Can't believe that people really had millions just one week ago :( Crazy days in crypto!
Posted Using LeoFinance Beta
I was lucky I only lost about $300 ….
Luna is not going to revive, Luna was one of the biggest ponzi in history.
I have some doubts if it is Ponzi or not but I believe it is one of the biggest failure cases wasting 80K Bitcoin and getting nothing in return😶
Posted Using LeoFinance Beta
There’s no hope in this chain it seems.
Posted Using LeoFinance Beta
Unfortunately bro, so sorry for those who lost their savings :I
Posted Using LeoFinance Beta
!1UP
Many thanks, appreciated ^^
Posted Using LeoFinance Beta
You have received a 1UP from @luizeba!
@leo-curator, @ctp-curator, @vyb-curator, @pob-curator, @neoxag-curator
And they will bring !PIZZA 🍕
Learn more about our delegation service to earn daily rewards. Join the family on Discord.
5 years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
Luna is a failure and I don't know if some people still believe in the project but for me it is dead and gone
Posted Using LeoFinance Beta
What did they do with all that money? Should have distributed it among the UST/LUNA Hodlers. 🙃
Posted Using LeoFinance Beta