Will Luna rise again, we explore some interesting developments
Will Luna rise again, we explore some interesting developments
Good morning Lions I trust you are safe and well and roaring into action.
Another day and it is looking like TerraForm Labs finally has some sound direction but will it be enough or is the community still hurt?
In yesterday's article Authorities Move in on TerraForm Labs as Do Kwon sets out the future we announced how Do Kwon will be forking the network and broke down the upcoming airdrop to the Terra 2.0 network.
Don't get too excited, these tokens will be vested for 2 to 4 years.
The question that has the entire sector asking is Will Terra Rise Again?
This is a good question but we are going to side with Terra and say yes, why? Well a lot of VC's invested heavilty in the project andthey lost a lot of money in the collapse. UST was also in the process of going mainstream so it's collapse came at a good time (if there ever is one).
Imagine had UST been accepted by murchants as mainstream payments and the collapse occurred, this would have left a lot more people out in the cold with businesses collapsing. We have to remember that UST was still being widely used in East Asia with many people undertaking regular purchases through payment systems.
Luna isn't the first blockchain to experience significant set backs with many blockchains coming under attack and hacks and reemerging and regaining trust. Thor Chain is one such network and they have recently thrown their support behind Terra and decided that they will continue to validate the old network also.
Someone else also thinks that the former chain which will be known as Luna Classic is also going to do something as they have picked up 1.8 Billion Luna tokens as well as a large quantity of UST and Anchor tokens. That is a significant risk to take in a failing project, unless you knew something?
Crypto Fall Out Across the Cosmos
No blockchain has been hit harder than the Cosmos with the fall out of UST as many of its trading pairs we Luna and UST. As Luna began to fall in price and UST depeg it sent the Cosmos into what some are now calling a Cryptocession. It appears that the Cosmos have entered a recession which may take some time to climb out of.
A recent proposal on Atom has successfully passed at 99% drawing out an overwhelming majority of voters (the best I have seen to date) to remove Luna and UST pairs. The strong turn out indicates that a lot of people dislike Luna.
Will it rise?
No one can answer that question but given the heavy institutional losses and recent activity I think the new fork will regin market confidence and with the large amount of VC they will be back again.
What are your thoughts, will Terra 2.0 rise from the Ashes? if it does it will be one of cryptos greatest sucess stories.
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I think the eco-system that developed on Terra is the main thing that could keep it alive. But if I was a project founder, I'd be very hesitant to stay on the new Luna, or the old Luna personally.
The main thing against Luna is the loss of trust from retail.
The thing I'm fuming about is there has been no indication that people that had LUNA or UST in Osmosis LP's have been considered in the airdrop. Osmosis founder Sunny has brought it up and pushed it on twitter, with no response. Not happy Jan.
Anyway, I know you are getting the airdrop and will be stuck there for 2-4 years, so I really do hope it works out for you. But there is no chance I will be going anywhere near it.
GL Mate.
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It's an interesting point as Cosmos is now pretty much kicking Luna and UST off their platform.
I also found a proposal that was raised over a year ago against using UST and Luna on Cosmos pairs. Had it passed they wouldn't be in this mess.
Either way, I think Cosmos is a good place to park some savings as the entire network is now in a recession because of Luna.
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Problem was that the Cosmos needed a stable coin, and LUNA/UST added IBC connections just at the right time. Apart from a small project with a Euro pegged coin (called NGM and EEURO), bridges from Eth were not in place yet so UST fit in easily.
Sadly, that burned many. Lots on Osmosis, and lots on Crescent, and lots on Junoswap.
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I honestly don't think Terra can recover at all. The loss of trust just doesn't seem to be something he can recover right away. I expect a huge amount of people to sell the airdrop and it will probably drop faith in the network so I hope he has the money to keep prices up. At the same time, Terra/LUNA shilled for the 20% APR so what would LUNA offer that makes it stand out from other chains? I don't see anything right now.
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Ur 💯 right. There is no chance it does. I mean 99.999999% it doesn’t. It won’t be the last this year I’d assume either.
Short answer, No
It’s over for Terra/Luna
Dead project is dead.
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