Damn, Terra Luna Is up 10,000% This Year??

TL;DR

• In June, engineers from Terra Luna launched packages they believed would assist revive the undertaking’s fallen blockchains, LUNA, LUNC, and USTC.

• They purchased again peoples (principally nugatory) tokens, then destroyed them / took them out of circulation / tossed them within the trash.

• Proper now it feels just like the Terra crew went into hibernation, hit the fitness center and at the moment are coming again to play stronger than earlier than. Let’s hope this time it would not result in any bull market-ending black swan occasions.

Full Story

Everybody LOVES a comeback story.

Sadly, they’re uncommon within the crypto house – as soon as a undertaking collapses, it is robust to revive it.

…however it’s not unimaginable.

And proper now we could also be witnessing a “Mia Wallace on the ground with a needle filled with adrenalin in her chest” form of revival, coming from the Terra Luna ecosystem.

…that, or it is gonna be a “Thomas J in ‘My Lady'” kinda scenario.

Both manner, you are going to wish to watch!

So, in June, engineers from Terra Luna launched packages they believed would assist revive the undertaking’s fallen blockchains, LUNA, LUNC, and USTC.

(ICYMI: in 2022 the Terra Luna ecosystem crashed and burned – just about, beginning the bear market).

We actually thought they’d gone to the grave. BUT! A rag-tag crew of engineers have created two packages geared toward reviving the damaged ecosystem.

Up first: They constructed a burn program for his or her OG, notorious cash LUNA and LUNC.

They purchased again peoples (principally nugatory) tokens, then destroyed them / took them out of circulation / tossed them within the trash.

You decide your most well-liked phrase – however for all intents and functions – the tokens are *poof* gone.

(Which helps to push the value again up, as provide is diminished).

One crew, known as Mint Money, is even attempting to carry again Terra’s US greenback stablecoin (USTC).

However as a substitute of backing it with a mixture of their very own tokens and different cash (which result in catastrophe final time), they plan to again it totally with Bitcoin…

I.e. For those who purchase a greenback of USTC, Mint Money will purchase $1 price of BTC.

Truthfully, we don’t know how a unstable asset like BTC goes to efficiently again a stablecoin…

However the market would not appear to be frightened about it – LUNA, LUNC and USTC have jumped greater than 300% this week alone.

Both manner you slice it:

Proper now it feels just like the Terra crew went into hibernation, hit the fitness center and at the moment are coming again to play stronger than earlier than.

Let’s hope this time it would not result in any bull market-ending black swan occasions.