Do Kwon May Have A Revival Plan For LUNA But Vitalik Buterin and CZ Not Sure About It
The Terra LUNA coin is still struggling to get hold of itself but it seems there’s no way for it anytime soon as investors have given up on the coin but the people who haven’t given up are the community developers or company. They are still trying to look for a way to save it or rather what’s left of it but will that still change the mindset of investors towards how they see the coin now.
Do Kwon the co-founder made a post on the Terra forum on how he could be able to save the Terra LUNA and how it might be possible to keep it alive instead of letting it die completely and he also said that he’s aware that investors no longer trust the coin to invest on it again but it’s just a phase.
One thing I know for sure is, even though the LUNA comes back to life and restores to the normal peg, what will happen to the investors that their money has been completely liquated due to the crash and it won’t be possible to have the trusted community to back it up and make a rise in the ecosystem because what LUNA needs its more than saving but trust-building also.
Do Kwon has however proposed forking the Terra chain because that’s the only way he thinks that could save it, resetting the network ownership into 1 billion tokens but would that be a good idea? Some might say a decentralized economy doesn’t need decentralized money but Do Kwon doesn’t believe that, he believes they need it for the ecosystem to be preserved.
He proposed distributing the 1 billion tokens into 40 per cent to UST holders in equal portions, 40% to LUNA holders before the de-pegging began, 10 per cent to the community pool, and 10 per cent to the LUNA holders at the final moment before the chain got suspended.
When a Twitter user came for Do Kwon criticizing him for allowing the LUNA and UST to fail miserably, then Vitalik Buterin responded in support of the criticism and Vitalik also supported a tweet suggesting instead of the revival plan, the small account holders should be prioritized more.
The CEO of Binance CZ also in a tweet thread in agreement with Vitalik Butterin on smaller accounts priority and what Binance plans to do about LUNA.
The Thread
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I think that the first option is more interesting, unfortunately, before shutting down the blockchain, I managed to buy few coins, but you need to understand what those 10% of a billion coins will eventually lead to, what value they will be oriented towards, perhaps something small the number of coins will become more profitable than a long wait for a gradual increase and it is not clear to what value the coin.
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Too bad that the LUNA coin had to go to down level and loss most of it's investors trust... It will be hard to get back to normal but it doesn't mean nothing can be done about it like Do Kwon said.
We would just keep updated and watch where all this lead to 🙂
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Well the best solution like Kwon said is creating a fork like how Ethereum started. But hopefully it works out well fingers crossed 🤞
Let's hope it really works
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