NewsWorldDo Kwon, the founder of Terra (LUNA) comes out...

Do Kwon, the founder of Terra (LUNA) comes out of silence and proposes a plan for the future – Cryptoast


An intervention by Do Kwon that we expected more Many were expecting it. Since the beginning of the long agony of UST and then LUNA, which gradually attracted each other into an infernal spiral, the Terra community had been waiting for a word from Do Kwon, the founder of the blockchain. Sure enough, after the UST began to depeg (lose its flagship value of $1) on May 9, Do Kwon only stepped in on May 10 and 11, first to try to calm the ambient panic a bit, then to announce a first solution. “Close to the announcement of a stimulus package for $UST. Hang on,” he tweeted on the afternoon of May 10, at a time when the UST had depeg 10 cents, touching $0.90, a situation that still seems light today. The LUNA was then still around 30 dollars. Rebelote the next day, May 11 in the early morning, with a new message aimed at reassuring his community: “We are getting closer… Stay strong, Lunatics. [NDLR, nom donné à la communauté Terra] “. A little later that same day, he made a long thread to report on the situation and announce a possible collateralisation of the UST. Then, Do Kwon was totally absent from the radar for almost 3 days, an interminable wait for those who had held on – following his advice – wondering at every moment if the UST was going to come back up. He finally came back to speak this morning, at night, announcing that he was “heartbroken” and stating that he had not benefited financially from the situation. 👉 Our guide to understanding what a stablecoin is State of play and future of Terra The release of Do Kwon is now intended to be a little more pessimistic, and undoubtedly more appropriate to the reality of events. At the time of writing, the UST is only worth $0.14 and the LUNA is showing a disastrous $0.00018, which seems unreal in comparison with its ATH (highest price) of $120. at the beginning of April. “I continue to believe that decentralized economies deserve a decentralized currency – but clearly the UST in its current form will not be that currency. Neither I nor the institutions I am affiliated with profited from this incident in any way. I did not sell LUNA or UST during the crisis. He also announces that the Terra teams will soon develop the way in which Terra’s staggering reserve, which was then counted in the billions of dollars, was used in order to ensure the peg of the UST: “We are currently working on the documentation of the use of Luna Foundation Guard (LFG) Bitcoin (BTC) reserves during the depeg phase. Please be patient with us as our teams juggle multiple tasks at the same time. Faced with the disaster, he proposed a solution on Agora, Terra’s forum dedicated to its evolution, in order to try to save what is left of the ecosystem, or at least of its fundamental structure. “What we must seek to preserve now is the community and developers who value Terra’s blockspace – I’m sure our community will form a consensus around the best path forward for themselves, and will find a way to get up. The solutions considered for the moment Do Kwon’s proposal, dubbed the “Terra Ecosystem Recovery Plan”, focuses on the preservation of the community, which includes developers and users. “We have built one of the largest and most vibrant developer ecosystems in cryptocurrency, with some of the smartest minds in the world working on products with the best UI/UX. Terra Station has a large install base, with over one million users worldwide. Also, the best solution according to the founder would be to perform a fork of the blockchain in order to redistribute the governance of the network via a billion new tokens distributed between: 40%: The holders of LUNA before the depeg begins; 40%: UST holders by calculating a pro rata; 10%: LUNA holders before blockchain shutdown; 10%: Funds dedicated to the future development of the ecosystem. Thus, Do Kwon wishes to privilege the part of the community that has always supported the ecosystem via LUNA tokens, while rewarding those who have purchased LUNA during the descent. In conclusion, although the situation has already been dramatic for many people from a financial point of view, the bases of Terra may not be abandoned. To be continued. 👉 On the same subject: Trading of LUNA tokens is interrupted on following a price error Sources: CoinGecko, Agora Terra Money Newsletter 🍞Receive a summary of crypto news every Sunday 👌 And that’s it. About the author: Maximilien Prué Passionate about the world of decentralized finance and the new features brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.


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