Many are still looking for the opportunity to get rich with the Luna alcoin, buy on the floor and sell on the bounce, which is why there is still so much interest in the project.
%2008.13.04.png)
But that moment has passed and the volume is indicating it.
%2008.09.41.png)
Many bought Luna in the fall looking for the floor, looking for some sign that indicated the floor
Maybe $1, $0.5, $0.3 or $0.1
The price kept going down causing a runaway Luna issuance and the exchanges knew it, and the investors have lost everything
The administrators of the project did not cut the issue by taking the currency to values that can never be recovered unless they buy back 95% of all Luna's issue
The exchanges are the ones that gained from this fall, they continued to sell Luna knowing that the price was going to zero.
All this interest in the Luna project is generating uncertainty in the Crypto environment, in Bitcoin and in other related projects and may keep prices aimless for a while, or until the interest in Terra Luna dries up.
Many projects related to the Terra Luna coin are being transferred to other chains, trust has been lost.
No matter the plan "Terra Luna" has died, now we are presented with a plan 2, according to this plan the Luna coin will be renamed Luna Classic and will be abandoned, in favor of a new Terra Luna coin.
Terra Ecosystem Revival Plan 2
source: https://agora.terra.money/t/terra-ecosystem-revival-plan-2/18498
"This will be a living document to coordinate the fork with the community. Details are subject to change.
Terraform Labs will put this proposal up for a governance vote on 5/18 Asia time. If passed, it will coordinate the network fork pursuant to the “Timeline” below.
Special thanks to everyone that submitted great ideas on Agora and the “Rebuilding Terra” group.
Motivation
Terra is more than $UST.
While UST has been the central narrative of Terra’s growth story over the last year, the distribution of UST has led to the development of one of the strongest developer ecosystems in crypto.
The Terra ecosystem and its community are worth preserving.
Terra’s app ecosystem contains hundreds of developers working on everything from defi to fungible labor markets, state-of-the-art infrastructure and community experience
Terra Station has a large install base, with million+ users across the world
Although distressed, strong brand recognition and a name that almost everyone in the world will have heard about
$UST peg failure is Terra’s DAO hack moment - a chance to rise up anew from the ashes.
Summary
Fork the Terra chain into a new chain without the algorithmic stablecoin. The old chain to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA)
Luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
TFL’s wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed in the whitelist for the airdrop, making Terra a fully community owned chain
Allocate a large portion of the token distribution in 1) providing emergency runway for existing Terra dapp developers 2) align interest of devs with the long term success of the ecosystem
Network security to be incentivized with token inflation. Target staking rewards of 7% p.a.
Essential app developer program
There are essential apps that must exist in any web3 ecosystem to be viable:
Infrastructure - Setten
Dex - Astroport, Loop, Terraswap
Explorer - Finder, terrascope
Payments / onramp - Kado, Alice
Wallet - Station, Leap, Falcon
Lending market - Mars, Edge
Analytics - Coinhall, Flipside
Staking derivative - Stader, Lido, STEAK, PRISM
Launchpad - StarTerra
Bridges - Axelar, Wormhole
Stablecoins - USDT / USDC bridged over from Wormhole
NFT exchange - Randomearth, Knowhere, Oneplanet, Luart, Talis
Insurance - Risk Harbor
Defi strategies - Nexus, Apollo, Aperture
Games - UNOPND etc
… and others.
Essential app developers committing to launch on Terra will receive:
Emergency allocation (1% of total supply) immediately after network launch to provide for runway while they build out product. Commit to returning funds if product has not been launched in 1 year
Alignment allocation (4% of total supply) to be vested to dev teams that ship product and show traction. Allocation to be determined by governance, ruleset to be debated by community.
Essential app developers looking to join should signal public support for the fork on Twitter and social channels, and coordinate with the community multisig
Token Distribution
1,000,000,000 Luna tokens
25% - Community pool, controlled by staked governance
1% - Essential Developers emergency allocation. No lockup
4% - Essential developers (1 year cliff, 4 year vesting thereafter, granted after launch traction)
35% - All bonded / unbonded Luna, minus TFL at “Pre-attack” snapshot
For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter
For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter
10% - Luna holders (staking derivatives included) at the “Launch” snapshot - 10% unlocked at genesis, 90% vested over 2 years thereafter
25% - UST holders at the “Launch” snapshot - 10% unlocked at genesis, rest vested over 2 years thereafter
All tokens locked or vesting is staked at genesis, and must be unbonded to become liquid.
Technical details
“Pre-attack” snapshot to be taken at at Terra Classic block 7544914 (2022.05.07 23:00:04+08:00)
“Launch” snapshot to be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00)
Chain upgrade to commence in a few hours after the Launch snapshot
Snapshots can change depending on development readiness
Vesting all vesting block by block
Terra Core to be forked with the oracle, treasury, market modules removed - no UST
Luna eligibility includes Luna, bonded Luna, unbonding Luna, and staking derivatives
Roles & responsibilities
TFL/Kernel Labs (previously maintained mantle, station, finder, Terra Core) to prepare core public infrastructure, wallets, genfile, release binary for the launch
Validators (to volunteer) to declare gentx and coordinate launch shortly after the launch snapshot
Community leaders looking to provide oversight over the essential dev program should form a multisig to oversee the essential dev allocation & act as a steering committee for the new chain
Timeline
05/17 - Announcement out
05/18 - Governance proposal out
05/21 - Terra Core release is cut, network launch instructions made available for validators
05/25 - Essential app developer registration completed
05/27 - Genesis file created from final launch snapshot
5/27 ~ Network launch"
What should they do with the Terra Luna alcoin?
They should find a new utility for it and burn tokens to revive it but there is no interest, it is easier to generate a new token and try to get more funds to do what? Become Millionaires and the exchanges continue to earn millions.
Volume
The volume is going down and that indicates that interest is being lost, that is why it is increasingly risky to look for the floor, because it can continue to drop to 0 and be delisted from the exchange
%2007.15.47.png)
This was already done by binance, when the price reached almost 0 it delisted it, it relisted it because of the volume of operations that it was losing to win.
If you buy it very close to 0, what exchange is going to pay you if it goes up and pay you millions?
At what price to buy Terra Luna
If you buy now and the price falls again to the minimum, you would lose 99.40% of your capital
%2007.55.33.png)
It is highly risky to buy Terra Luna, there is a high possibility that you will lose everything.
Luna price is in a descending channel
You should buy near the lowest point already reached, but it may be that at that price point, it will be delisted again and you will still lose money waiting for a rebound.
What do you think?
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Leofinance
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We will see what comes out of this. It is a worthwhile of toss of a few bucks to see if the wave can be captured.
Nothing wrong with a few lottery tickets out there.
Posted Using LeoFinance Beta
As long as people believe that they are buying a lottery ticket, the exchanges will continue to list it and pocket profits
I bought LUNA at $0.02. I doubt I will be airdroped any new LUNA coin. From what I understand after the hardfork they will be airdroping to whoever held it before UST lost peg.
Posted using LeoFinance Mobile
Now it seems that the Terra Luna hardfork will not take place, at least the community has voted against it.
So that way you recover the investment some day
Posted Using LeoFinance Beta
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