After two days of silence, Do Kwon, the founding father of Terra Luna, took to Twitter to answer varied questions and accusations from the neighborhood, discussing a number of points concerning his proposal to fork the Luna community and clarifying his whereabouts.
Terra Luna Revival Plan 2
Luna’s second proposed revival plan seems to be to fork the chain and create a brand new blockchain with out the algorithmic stablecoin. The outdated chain will probably be referred to as Luna Basic (LUNC), whereas the brand new chain will probably be referred to as Terra (LUNA).
The brand new proposal is formally referred to as the Terra Builders Alliance: Rebirth Terra Community and might be discovered on station.terra.money.
On the time of writing, over 63.28% have voted to cross the proposal, with 20.01% voting to abstain, 0.54% voting no, and 16.16% voting No with a veto.
The proposal ends in 3 days with roughly 133 million votes remaining. At this level, likelihood is that the proposal will probably be permitted, and Terra Luna will transfer ahead with the community fork and improve.
Do Kwon Began Answering Questions
Twitter has been full of shock and conspiracies concerning the Terra Luna scenario, and rightfully so, because the disaster impacted a variety of traders. One of many trending hashtags on Twitter this weekend was #lunascam, accusing everybody from Do Kwon to Changpeng Zhao (Binance CEO) of getting inside data of the crash and taking advantage of it.
Changpeng Zhao addressed varied questions from the neighborhood in his Reddit AMA this weekend, receiving over 1600 feedback inside hours.
In distinction, Do Kwon took to Twitter and posted roughly two dozen tweets clarifying questions from the neighborhood and talking on the brand new revival plan for Terra.
One query concerning the brand new fork was whether or not UST and LUNA holders on decentralized exchanges on the Cosmos (IBC) community will nonetheless obtain the Airdrop. Do Kwon responded positively that each one IBC DEX belongings could be listed.
Sure – IBC transferred belongings will probably be listed
cc @gadikian
— Do Kwon 🌕 (@stablekwon) May 21, 2022
The belongings on the IBC DEXs will probably be thought-about within the Airdrop, and any holders will obtain their share of the brand new tokens.
One other frequent query for Do Kwon from the neighborhood was regarding the tax scenario. In accordance with a number of experiences, Do Kwon supposedly owes tens of millions of {dollars} to Korean authorities. Nonetheless, Do Kwon clarified that he has no excellent tax liabilities in Korea. In accordance with Kwon, he did pay his share and has been in Singapore since December.
As well as, concerning accusations of shorting UST or LUNA in the course of the collapse, Do Kwon talked about that he has by no means shorted a cryptocurrency in his life, not to mention LUNA or UST.
I’ve by no means shorted a cryptocurrency in my life, not to mention luna and ust
— Do Kwon 🌕 (@stablekwon) May 21, 2022
Closing Ideas
Terra Luna has been performing fairly properly right this moment, bottoming out at $0.0001112 and rising by over 16% previously 24 hours. The current value hike is most probably because of Do Kwon’s statements on Twitter and the upcoming approval of the revival proposal.
However, UST continues its slide downwards, at present buying and selling at $0.054, down over 13% previously 24 hours. Because the new proposal abandons the stablecoin, we are able to solely assume that UST will ultimately find yourself at $0. Customers are nonetheless holding the token primarily to assert any potential airdrops or rewards from the brand new chain.
The Terra Luna scenario is undoubtedly tragic in some ways, however it’s a studying lesson in the case of cryptocurrency and investing. Do Kwon and the crypto neighborhood is doing all the things to supply hope for merchants and traders. If the neighborhood sticks collectively, nothing stops LUNA from reaching multi-billion greenback valuations as soon as once more.
Now might be a wonderful time to buy LUNA should you’re trying to purchase the dip; nonetheless, needless to say LUNA basic will most probably battle to outlive as soon as the brand new chain rolls out.
Disclosure: This isn’t buying and selling or funding recommendation. At all times do your analysis earlier than shopping for any cryptocurrency.
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