It has been nearly two weeks since Terraform Labs cryptocurrency LUNA and algorithmic stablecoin Terra USD (UST) imploded, sweeping crypto markets with them.
There have been public discussions with both the creator of the project, Do kwonand related entities about the next steps that will attempt this revitalize the Terra ecosystem. But within the Luna Foundation Guard (LFG), there have been almost no discussions between Kwon and his team with advisors, and UST is “nearly non-existent at this point,” said Jonathan Caras, an advisor to the LFG board of directors. to TechCrunch. (LFG was Terra’s Singapore-based non-profit organization dedicated to protecting VAT.)
“It was pretty quiet,” said Caras, one of the four consultants for Kwon’s LFG. According to Caras, there has been no communication with the advisors since May 7 UST started depegging of its (what should be) stablecoin value, Caras said.
According to CoinMarketCap, LUNA is down over 99% from its peak at $0.0001398, or less than a hundredth of a cent, while UST is down 92.1% from its $1 peg at $0.079 Data on Friday. UST’s market cap plummeted to less than $1 billion from an all-time high of nearly $19 billion.
“There was a lot of brainstorming and discussion [that day]but since then there hasn’t been much of a conversation or at least one that I’ve been invited to,” Caras said.
The advisors’ relationship at LFG was more of a “thought leadership” role than operator for UST, Caras noted. They talked about how the mechanics of UST’s transition from a purely algorithmic stablecoin to a semi-backed, mixed basket of crypto assets could be designed or managed, so the talks focused more on the technical aspects than the actual tactics, which he did I have no visibility, he added.
“The truth is, I found my information [about this situation] on Twitter like everyone else,” Caras said.
One of LFG’s other advisors, Kanav Kariya, who is also President of Jump Crypto, tweeted Following on May 13: “I don’t know exactly what to say. This week has been hell for our entire community. I know we’ll come out stronger, but that doesn’t make it any easier.”
Although LUNA and UST have fallen in value, Caras believes Terra’s ecosystem is far from over. Now Terra has a governance proposal live for community members to vote on, which would include renaming the existing network Terra Classic and LUNA Classic (LUNC) and the “rebirth of a new Terra blockchain,” Kwon tweeted on May 18th.
Terra had – and still has – a huge community known as LUNAtics, who believe in the long-term success of the ecosystem even if UST died. “I believe in the longevity of the industry,” Caras said.
Luna Foundation Guard adviser says Do Kwon hasn’t reached out since UST crash – TechCrunch Source link Luna Foundation Guard adviser says Do Kwon hasn’t reached out since UST crash – TechCrunch