Saturday, August 13, 2022
Home Crypto News Market Terra Founder Proposes An Airdrop For Affected LUNA and UST Holders, Binance...

Terra Founder Proposes An Airdrop For Affected LUNA and UST Holders, Binance CEO Says ‘This Won’t Work’

- Advertisement -
Follow-Us-On-Google-News

 

Terra Founder Wants An Airdrop For Affected LUNA and UST Holders, But the community doesn’t think it’s a good idea.



The ghosts of failure are still battering Terra Luna, but it seems that the project team has finally thought of a way to pull the coin out of the trenches.

According to a recent Twitter update by Do Kwon, there’s a plan to fork LUNA and airdrop it to the stakeholders.

 

Technically, this would create a whole new cryptocurrency and still leave the old one in place. Do Kwon proposes that the new coin be named Terra without the algorithmic stablecoins, while the old network/chain will be called Terra Classic.

As such, there will be the new LUNA and the old LUNA Classic (LUNC). The two chains will run in co-existence. Once the fork is done, the new LUNA will be airdropped to old LUNA users as well as UST holders. Terra’s wallet (Terraform wallet) will also be deactivated to make the Terra chain fully owned by the community.

“The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna – $LUNA), and the old chain is called “Terra Classic” (token Luna Classic – $LUNC). Both chains will coexist.”

313 BTC And $383 Million Worth Of Crypto

According to an update by the Luna Foundation Guard, the foundation held over 80,000 BTC at the start of May. It also held a collection of other cryptos including BNB, UST, AVAX, LUNA, USDC, and USDT. However, as of now, there are only around 313 BTC left.

During the crypto crash, the foundation had undertaken an aggressive sell-off to prop up UST. However, this doesn’t seem to have worked since the coin is still down by huge margins losing its Dollar peg.

Despite the small BTC stash left, the LFG still has a total of around $383 million worth of cryptos. These will be used to compensate affected users, stakers, and holders as the forking plan take effect.

Critics Say “This Won’t Work”

While Do Kwon’s plan to fork LUNA may seem to be a relief to many who have been waiting for him to develop an action plan, there are those in the crypto space who aren’t exactly receptive to it.

One of these is the Binance CEO, and another one is the Dogecoin co-founder Billy Markus. Binance CEO argues that creating a fork doesn’t accord the new coin any more value than the collapsed one. He called the attempt “wishful thinking.” The CEO had earlier slammed the Terra team for being sloppy in handling the crypto crash.

 

On his part, DOGE creator Billy Markus doesn’t think creating a LUNA fork is a smart move at all. He sees it as a venue for people to lose even more money.

“the plan is actually fu.king stupid, the only way it works is for a massive amount of even stupider people want to throw their money in a dumpster fire to save one of the dumbest things to ever happen in crypto.”

 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

IOG Says “Getting Things Right” Is The Priority After Cardano Investor Asked When Vasil Will Launch

  IOG has responded to ADA investors who are eager to know the exact date for the launch of the Vasil hard fork.  Input Output Global...

The Deputy Minister Of Digital Transformation Says Ukraine Should Launch A CBDC

Alex Bornyakov is in support of a digital hryvnia. In a four-tweet thread on Friday, Ukraine's Deputy Minister Of Digital Transformation, Alex Bornyakov, argues that...

Shiba Inu Lead Developer Gets A Harsh Response From “Can You Pet The Dog”

  "Can You Pet The Dog" Shuns Shiba Inu Game, Shiba Eternity As It Wants Nothing To Do With Crypto Projects. ...

Shiba Inu And BONE Becomes Top Trending Coins in Asia, USA, and Canada

Shiba Inu and Bone are trending worldwide. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

NOWNodes Adds Support for Shiba Inu Burn Portal Reward Token Ryoshi Vision (RYOSHI)

  The listing of RYOSHI will enable developers to build on Ryoshi Vision via NOWNode's platform. window.coinzilla_display =...

71,225 XRP Holders Now Stand With Ripple Against SEC, Deaton Says All XRP Investors Are Leaders Of XRPArmy

  The Amici attorney has commended XRP investors for their collaboration toward Ripple’s legal battle against the SEC.  ...

One Year After Burning Mechanism Launched, 2.5 Million Ethereum Worth $5B Burnt, Is ETH Becoming Deflationary?

  About 2.1% of Ethereum's circulating supply has been burned since the London hard fork. window.coinzilla_display = window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.