The crash of TERRA (LUNA) and terraUSD (UST) caused a lot of drama this week in Cryptocurrency Globalism. UST stablecoin this is lost wedge (Peg) to the US dollar and the algorithm also pulls the LUNA price down. UST came in lower at $0.067 yesterday, down 93%. In fact, LUNA has fallen 99.9% several times this week to as low as $0.000001.
New proposal LUNA
Terra Do Kwon founder and CEO of Terraform Labs finally spoke last night. He stated on Twitter that he was “sad” that his invention caused so much pain. He also says that he did not in any way profit from the accident and did not sell LUNA or UST.
1/ I’ve spent the past few days on the phone to contact members of the Terra community – builders, community members, staff, friends and family, who have been devastated by the UST abolition.
My heart grieves over the pain my invention has inflicted on all of you.
– Do Kwon 🌕 (stablekwon) May 13, 2022
Furthermore, the founder mentions a new proposal to save LUNA in the Terra forum. He says the Terra community needs to rebuild the blockchain to save the developer community and the ecosystem.
Kwon suggested it auditors It will reset network ownership to one billion tokens distributed to holders of LUNA and UST, as well as a community gathering to finance future development. 40% of the newly distributed tokens will then go to LUNA holders who had the cryptocurrency before the chapter began. 40% will go to floor tank holders at the time of the new grid upgrade. 10% will then be allocated to LUNA holders before the blockchain goes offline, and the remaining 10% will be for development.
The tank may have died
However, Do Kwon admits it so trust me It is likely to be permanently damaged in underground tanks.
“Even if the peg must eventually be reinstalled after the last marginal buyers and sellers surrender, the luna guards have been liquidated and diluted so severely that we will miss the ecosystem to rebuild from the ground up.”
The price of the LUNA has increased by 3.250%
With that said, floor tanks have managed to rise up to 150% since yesterday’s drop. However, at the current rate of $0.17, floor treasuries are still well below the US dollar peg. LUNA has also decreased its value since early this week, but is recovering to $0.0003 this morning. This is an increase of at least 3,250% (!) in the last 24 hours.
Petavavo Trading resumed in LUNA/EUR this morning. and Dutch Cryptocurrency exchange Of course he warns of extremely high risks and extreme volatility with this cryptocurrency.
Terra (LUNA-EUR) trading activated.
Please be aware of the risks and volatility of this asset and trade with caution. The original will be visible after the app is updated.
Do not invest with money that you cannot afford to lose. pic.twitter.com/kGeAYdaGgg
– Bitvavo (@bitvavocom) May 14, 2022
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