Terra is a great example that the hope is never defeated as long as the business exists.
When most are about to erase its name from the board, Terra gets reborn from the
ashes and decides to surprise all of us. With its recent big loss,
estimated at around $60 billion, the ecosystem is rebooting with a brand new cryptocurrency project and a blockchain. Something to surprise everyone in the crypto community.
Nearly $60 billion disappeared without a trace, Terra was doomed anyway, that was most of us thought. However, Do Kwon, the founder of the Luna cryptocurrency and the UST stablecoin, disagrees with that.
Encouraged by members of the community, he launched the 1623 project with a blockchain and a new cryptocurrency in sight. The famous Terra crash therefore only lasted a month, the project is back on its feet and has the support of 20.98% of the community.
Planned to be launched on May 27, the new project created by Do Kwon announces
significant changes in the ecosystem.
A new blockchain that will be completely devoid of algorithmic stablecoin and which will be essentially composed of a Terra Classic chain, a token
Luna Classic and a new LUNA cryptocurrency.
The LUNA cryptos will be exclusively reserved for owners of Luna Classic, of UST as well as blockchain developers.
A improvement will be made at the network level through a new mechanism of dubbed “token inflation”.
The distribution of the new LUNA tokens will also be done in the next manner :
10% for owners of USTs staked in the Anchor protocol, according to the database
their acquisition before the fall of Terra.
10% for LUNA owners, depending on the basis of their acquisition before the
fall of Terra.
15% for UST owners, based on their acquisition after the fall of
30% for the community pool.
35% for LUNA owners, depending on the basis of their acquisition before the
fall of Terra.
Terra wants take matters into their own hands, but most investors remain
skeptical about its evolution following such a dramatic. The investors will definitely need some time to regain their confidence in
this promising blockchain. Along with the many other crypto
currencies that emerge on the market, the doubts are relate mainly to the possible value that a crypto that has already (almost) lost. In addition, Do Kwon did not mention the possibility of being reimbursed for the former LUNAs lost following the crash.
Is it necessary to remind, that the LUNA token was designed to put the UST stablecoin back on the rails, without success? On the contrary, both cryptos fell
together, with a value of $1 for UST and $80 for Luna, in early May. But nothing is lost, everything has to be redone and in the best conditions, the
community expects great results.