Can a Terra ‘Rebirth’ Save Investors? - Aliens: AI Crypto News & Markets Updates
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Can a Terra ‘Rebirth’ Save Investors?

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Blockworks

Sat, May 21, 2022

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New LUNA tokens will be distributed to holders of both LUNA and UST VC firm Hashed reportedly in a $3.5 billion hole, but will be helped by the new plan The latest proposal to revive the ill-fated Terra ecosystem is on track to be approved by the Terra community.

It calls for the existing Terra network to be renamed Terra Classic (with its native token Luna Classic (LUNC).

New LUNA is slated to be airdropped to Luna Classic stakers, Luna Classic holders, UST holders, and a cadre of Terra ecosystem developers deemed “essential.” These include projects focused on decentralized exchange, a block explorer, payments apps, wallets, lending markets, bridges and stablecoins — but not the algorithmic UST stablecoin.

Notably, Terraform Labs will exclude its own LUNA and UST holdings from the snapshot — the aim is to have the new network be entirely community-run.

Galaxy CEO & Founder Mike Novogratz, who inked a LUNA tattoo on his arm in early January, wrote in a shareholder letter that the LUNA crash “will be a constant reminder that venture investing requires humility.” Delphi Digital was a frequent proponent of Terra and funded the development of dApps in the ecosystem.

Since the Terra network enforces a 21-day unbending period, it was impossible to sell these tokens, even as it became clear a “ death spiral ” was inevitable.

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