What is repetitive, though, is his praise of Do Kwon, one of Interpol’s most wanted individuals. LuncDao disagrees with the charges against him and alleges that FTX‘s Sam Bankman-Fried was the mastermind behind Terra (LUNA) protocol crash.
From time to time, LuncDao enters public battles with Fatman, another anonymous community member aiming for justice for TFL victims.
Fatman, the former heavy investor in LUNA who lost up to 40% of his life savings, runs the influential Terra-focused Twitter account dedicated to disclosing frauds.
His critical posts, including the one about Do Kwon being a sociopath, provoked a harsh reaction from LuncDao, who blamed Fatman for being hired by Alameda, the sister company of Bankman-Fried’s FTX crypto exchange.
The controversial account strongly supports Edward Kim and Zaradar, who plan to take over Terra Classic’s development and potentially revive USTC.
Burning Cryptocurrency Not Enough to Revive Terra Classic
At the time of writing, the value of Terra Classic sits at $1.07 billion, while the total supply is close to 5.96 trillion. If the cryptocurrency burning speed continues to go on the same levels as now, the goal may only be accomplished after more than 72 years.
Despite the trending burn narrative, Terra Classic community members agree that burning its token is not enough to revive the network. Burning does not add long-term value, they say; the only way to create it is through building utility on the crypto network. They accordingly claim that validators are currently the major issue for the future of the network.
As community members asserted, many of its validators are currently building on Terra Luna 2.0. At the same time, they use Terra Classic for governance voting and gaining rewards to continue building over the forked blockchain.
The community worries that, eventually, LUNA-focused Terra Classic protocol validators will dominate the network and leave no space for its builders to make any influence.
As an alternative narrative for revitalizing the post-collapse crypto protocol, they mention potential re-pegging with TerraClassicUSD (USTC), the algorithmic stablecoin of the network.
USTC currently trades at $0.02291 and has more than 9.8 billion circulating supply, meaning that even re-pegging to $0.1 requires billions of investments.
In addition, more than 85% of USTC’s supply is in the hands of the Top 100 holders. This leaves slightly above 14% of the total supply to be backed by fresh capital.
Finally, there pops up another narrative of merging Terra Classic with its fork Terra Luna 2.0. The latter is the most controversial, as it means getting back with the team that once abandoned the protocol.
Eight months after the collapse of Terra (LUNA), Terra Classic coin holders are still dealing with the aftermath of the disastrous event. Once abandoned by TerraForm Labs and its founders, the loyal cryptocurrency investors have not yet returned to a safe place.
On the contrary, the Terra Luna Classic community continues to live in a landscape full of influential players whose true interests remain undisclosed.
Sourced from dailycoin.com.
Written by on 2023-01-24 15:30:37.
