A little over a week ago, the crypto market witnessed one of the darkest days in its decade-old history as Terraform Labs saw its native token offerings — ala Luna and Terra USD (UST) — tumble and reach penny valuations seemingly overnight.
To elaborate, UST, an algorithmic stablecoin which relied on Luna to maintain its 1:1 status quo with the US dollar, plunged below its intended peg to the dollar, causing widespread market panic, forcing investors to offload the stablecoin. As a result, both Luna and UST went into freefall, taking the latter’s then circulating supply of $40B down with it.
However, just days after the aforementioned episode, project co-founder Do Kwon jumped into action and came up with a revival plan for Luna. He proposed the creation of a new chain by initiating a hard fork, a move that has since been highly criticized by the crypto community at large.
And, though digital currency enthusiasts may hold on to such a particular point of view, Do Kwon and his
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