luna: Terra is working to revive LUNA. Will it revisit its old glory?

Synopsis

The depegged stablecoin of Terra foundation, named UST, death spiralled below $0.15 from $1, wiping out more than $30 billion from the investors wealth and its sister token LUNA took the entire hammering.

Kwon, the creator of Terra blockchain with his Terraform Labs team, conceded that the Terra ecosystem has experienced total collapse, and rolled out the proposal on Friday.New Delhi: After nosediving last week, Terra (LUNA) has laid out a revival plan. The crypto token wiped out almost the entirety of investors’ wealth in just a few hours.

Terraform Labs founder Do Kwon proposed a “Terra Ecosystem Revival Plan,” and the plan was shared in terra community forum.

According to Kwon’s ‘Revival Plan,’ which aims to restart the entire Terra blockchain, with network ownership getting distributed entirely to UST and LUNA holders through 1 billion new tokens.
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Hitesh Malviya, Founder, IBC capital and its blockchain said that the latest revival plan as shared by do Kwon is to burn a 65 per cent supply of LUNA, and redistribute tokens in the ratio of 1:6500 to holders.

The depegged stablecoin of Terra foundation, named UST, death spiralled below $0.15 from $1, wiping out more than $30 billion from the investors wealth and its sister token LUNA took the entire hammering.

Edul Patel Co-Founder and CEO of Mudrex said that it is pretty early to state whether it will help the investors. “Terra has been on a back-breaking fall, and it would need a good amount of time to recover,” he added.

Kwon, the creator of Terra blockchain with his Terraform Labs team, conceded that the Terra ecosystem has experienced total collapse, and rolled out the proposal on Friday.

Malviya said that investors who bought LUNA below $0.1 can make some profits. Though the trade in the toke was halted and it was delisted from a number of Indian exchanges.

Terra might take some time to get back on track as it has been dipping continuously for the past week, but market trackers suggest that investors need to be cautious. It is totally impossible if the token re-lives its old glory.

Patel from Mudrex said that high-risk appetite investors who are brave enough to buy the dip can DCA, but for others, it is suggested not to jump into any impulsive buying activity now.

Market experts believe that if investors want to play their sheer luck, they may get another token of any fork to happen that’s subject to the Terra community.

Terra will never reach $1 as their supply is too big even if they burn 65 per cent of it, said Malviya. “Investors who bought above 1$ should forget about this position.”

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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Updated: 05/16/2022 — 10:00