Terra LUNA is Back Again? Surely Not…

TL;DR

• Six engineers who name themselves the “Six Samurai” have proposed to rebuild the Terra LUNA venture. The concept being: the basics of the venture really made sense, the issue was that when a financial institution run occurred, there weren’t sufficient reserves to get it again to its $1 peg.

• On one hand, we get the thought of taking an current (albeit failed) venture, studying from the issues that did not work, and bettering on it. On the identical time, this looks as if extra of a final ditch effort to get a small return on the LUNA Basic tokens which are nonetheless being held than a real effort to revive this venture.

Full Story

Again in Might final yr, we wrote concerning the Terra LUNA crash…quite a bit!

For instance, this was the day when sh*t hit the fan, this was the day once we wrote a couple of very quick lived potential survival plan, and on this present day we mentioned how some degens have been betting on a comeback.

Effectively, degens, we might simply have one thing for you.

(Or perhaps not…)

In the event you’re not conversant in the Terra LUNA crash, the above tales offer you a very good overview – however suffice to say, many name it ‘the beginning of the present bear market’ and one of many biggest crypto crashes of all time.

However in the present day we’re right here to let you know a couple of proposal to revive the Terra Basic ecosystem.

Six engineers who name themselves the “Six Samurai” have proposed to rebuild the venture.

The concept being: the basics of the venture really made sense, the issue was that when a financial institution run occurred, there weren’t sufficient reserves to get it again to its $1 peg.

(Oh, and the founder – Do Kwon – just seemed smug AF).

Here is our evaluation of all of it:

Whereas the basics of LUNA might make sense, it is repute proceeds it.

If folks need to use algorithmic stablecoins in the present day, they will. Tasks like DAI live on.

On one hand, we get the thought of taking an current (albeit failed) venture, studying from the issues that did not work, and bettering on it.

On the identical time, this looks as if extra of a final ditch effort to get a small return on the LUNA Basic tokens which are nonetheless being held than a real effort to revive this venture.

We could also be unsuitable – in reality we hope we’re unsuitable – however solely time will inform.