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Do Kwon’s plans to revive Terra is all going in vain, what will he do now?
The Terra 2.0 could have been the much-needed win for the Terra ecosystem. This Terra 2.0 protocol will not include the stablecoin algorithm and it would have been like a new start but investors are demonstrating a lack of appetite for the new protocol, but LUNA dives further after its launch. Essentially, Do Kwon’s proposed rescue plan called for a redo of the entire Terra blockchain enabling investors to reset network ownership to about 1 billion coins that were distributed among UST holders. The Terra revival plan was suggested by Do Kwon as an advancing path for the LUNATICS in his Twitter thread, where he had hoped to create a new blockchain without the UST stablecoin to keep LUNA token as the chain’s sole cryptocurrency. Over the weekend, holders of the previous UST and LUNA tokens witness the airdrop of the new LUNA token, but there is quite little reason to celebrate since the price plummeted once again! Now, it kind of seems like, despite all the precautions taken, the Terra revival plan has completely gone wrong.
Several crypto leaders are already slamming the proposal made by Do Kwon and have asked for additional transparency from the developers. The crypto community essentially is not happy with the Terra revival plan. Even Terra fanatics who were quite positive about the crypto’s prospects were unsure about the step and were, reportedly, visibly stressed about it. The majority of the market initially proposed a burn and reduce the chances of forking the existing stable coin. While all these seemed like ambitious plans, maybe, Do Kwon actually forgot the part where he actually had to successfully pull it off. And the most difficult part of its execution would have been to convince investors what the new Terra protocol would actually yield.
The Terra Revival Plan is Hampering LUNA’s Social Presence
The massive price decline in Terra started taking place again after the launch of the LUNA 2.0 airdrop, which eventually led to the creation of several memes and jokes on the internet. Despite having a strong community for all these years, Terra’s social media dominance has been severely affected by its crash.
Terra is not only enduring pain from its investors, but also from major crypto exchanges. Binance is yet to initiate its airdrop for LUNA and UST Classic holders, but expectedly, when it will, the sell-off could actually accelerate the market prominence of Terra. Binance is set to launch its airdrop on May 31, 2022. But until then developers may continue to speculate about the future of Terra 2.0 and if at all, their hard work would be fruitful.
The big dive in prices since the airdrops were launched quite clearly indicates that the Terra revival plan might not actually be as successful as it was earlier anticipated. Very few Terra investors are pleased with the outcome since they happen to lose thousands of worth of money after the crypto plummeted exponentially. It is quite hard to say if Terra 2.0 will be successful or not, but it seems quite certain that investors are still avoiding investing in it.