A plan to be reborn, which, however, was not welcomed by the big players in the sector in the best possible way. While many believe that the last chapter of the saga from Earth Moonthe post-plan of Do Kwon however it deserves to be shared and discussed, at least to do clarity on the future of tens of thousands of small investors around the world.
A plan that has already been rejected by leading figures worldwide such as CZ and that in a nutshell would like to be a restart ecosystem Earth Moon after having abandoned the ambition to recover the peg from UST.
A plan on which it will still be difficult to invest and which in our opinion represents a further one gamble on the future of this cryptocurrency. Whoever invests, we say it at the beginning for the avoidance of doubt, is embarking on a very dangerous undertaking, however tempting they may seem swing price of the last few hours. What do you have in mind Do Kwon? Can it be taken seriously? Let’s try to see clearly.
Do Kwon is played all out when there is nothing left to lose
The previous situation that brought Terra Luna to this point it should be known to everyone. Depeg of his stablecoins algorithmic UST and price, value, and utility crashes across the ecosystem. Tens if not hundreds of thousands of investors all over the world who have ended up losing the proverbial neck bone e Do Kwon who, in no time, became much less self-confident, arrogant and contemptuous on social networks.
The same Do Kwon that through a post on official project forums shared a post with a rather evocative name: Terra Ecosystem Revival Plan, or rebirth plan for the Terra Luna ecosystem.
There have been several groups of validators and community members discussing a fork of the Terra chain to make the system separate from UST. I want to offer my perspective. […] Even if the peg were to reset […] $ LUNA holders have been liquidated and diluted to the point that we will not have the ecosystem to rebuild from the ashes. Although a decentralized economy needs decentralized money, UST has lost too much trust between users to fill this role.
This is the beginning of a very particular proposal, which however, net of what can be seen on the surface, will in all probability trigger other controversies. According to Do Kwon the validators should rebuild the chain to preserve the community and the developers, resetting the network to 1 billion tokens which should be distributed like this:
- 400 million to all holder they had token ma PRIMA of the depegging event, i.e. the last tick on the chart where UST = USD.
- 400 million to UST holders at the time of the network upgrade
- 100 million to those who had instead $LUNA when the chain was interrupted
- 100 million for the community pool, to finance new developments on the network.
A centralized redistribution, too, in all likelihood excessively punitive for whom intervened after the crash desperately trying to support the system and according to a general logic that many have not shared.
Paraphrasing what is written by CZ from Binancein relation to proposals similar to that of Do KWonwe also think that you cannot print tokens to save yourself from bankruptcy or mess with blockchains and return to a point X.
