The cryptocurrency market never stay quiet.
The past few months we have seen the entire Crypto market was in a downtrend with Bitcoin, the mother of cryptocurrency down from its peak of $69,000 to around $30,000. Yeah everyone knows we are in a bear market. However the most recent news that is still hot was the demise of Terra Luna that wiped out billions of dollar. Worst, it took away with it millions of people saving with it.
— Remi Tetot 🌑 (@Remi_Tetot) May 10, 2022
Some believer who 100% believed in this project even goes all in. As thread above, someone confesses they goes all in with the project. At the peak at around $120 per Luna, 150,000 token would be worth a whooping $18 Millions.
There are also people who put their life saving in Terra’s Coin, Luna. But with the recent events, there are people confess that they have lost their life saving with it.
What Next for Terra Luna
Do Kwon, the co-founder of Terra Luna blockchain, announced a plan hard fork to save the ecosystem.
According to Do Kwon proposal, the new chain will not be linked with TerraUSD (UST) stable coin. The old Terra blockhain will continue to exist with UST and will be called Terra Classic. If the proposal passed, the new blockchain will go live on May 27.
2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLh
A thread on our reasoning:
— Do Kwon 🌕 (@stablekwon) May 16, 2022
Under the proposal, new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain.
In addition, Terraform Labs’ wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will be removed from the whitelist for the airdrop, thereby making Terra a fully community-owned chain.
The proposed supply of LUNC is capped at 1 billion, with 25% going to the community pool, 5% to essential developers and 70% going to LUNC and UST holders at various snapshots of events in May, subject to vesting conditions.