Dogecoin co-founder Billy Markus criticized Terra’s attempt to relaunch LUNA, calling those who buy into it “really stupid.”
The implosion of the terra ecosystem has dominated headlines in recent weeks. Users lost billions, and lives were turned upside down when UST stablecoin lost its $ 1 price tag.
During the fallout, internet detectives and whistleblowers have expressed several reports of suspicious activity. All this points to shady things in the Terra hierarchy and beyond.
Examples of allegations include manipulation of Terra retail investors by prominent entities, use of the Mirror Protocol to enrich senior figures, and Terra founder, Do Kwon̵[ads1]7;s links to failed algorithmic stablecoin project Basis Cash.
With so many red flags appearing from the Terra autopsy, does Mark have a point?
Terraform Labs to relaunch LUNA
The word about a Terra relaunch did not come until May 16, then Make Kwon post a tweetstorm describing a resuscitation plan. This plan initially involved fork the old chain to a new chain without the UST stablecoin component.
Developers have since stated that LUNA 2.0 will be a brand new chain and not a fork.
Token distribution from the new chain will take the form of airdropping to “stakers, holders, remaining UST holders and key app developers »from the old chain.
The community voted “with overwhelming support” to adopt Proposition 1623 May 25, and paves the way for the launch of LUNA 2.0.
The relaunch and token airdrop were scheduled for May 27, but an announcement that day has delayed this until May 28 at. 06:00 GMT.
It’s a thumbs down from the community
Joshua Fernando, co-founder and CEO of the blockchain carbon credit company eCarbon, talked about the dangers of reviving LUNA. By email, Fernando addressed several prominent points about the relaunch, including:
- The lack of disclosure about how LUNA 2.0 will derive value, especially since it will lack a stackcoin component.
- Massive sales pressure when the vesting period is over, as owners want to recover losses and flee to safer projects.
- A conflict of interest with exchanges (supports airdrop and relaunch), as they may also be looking to recover losses.
The consensus on crypto Twitter is about the same, with no shortage of tweets mocking the relaunch. For example, @ Mister_Ch0c compared to investing in LUNA 2.0 with reviving a relationship with an ex who was unfaithful.
Buying Luna 2.0 is like calling your ex and knowing she was unfaithful to you
Have some self-respect
– MisterCh0c (@ Mister_Ch0c) May 27, 2022
Similarly, Mark did not hold back as he tweeted his thoughts on the intelligence of LUNA 2.0 investors, whom he called “really stupid cryptogamblers.”
luna 2.0 will show the world how really stupid cryptogamblers really are
– Shibetoshi Nakamoto (@ BillyM2k) May 25, 2022