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TL;DR
Six engineers who name themselves the “Six Samurai” have proposed to rebuild the Terra LUNA challenge. The thought being: the basics of the challenge 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 present (albeit failed) challenge, 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 might be nonetheless being held than a real effort to revive this challenge.
Full Story
Again in Might final 12 months, we wrote in regards to the Terra LUNA crash…quite a bit!
For instance, this was the day when sh*t hit the fan, this was the day after we wrote a few very brief lived potential survival plan, and on at the present time we mentioned how some degens have been betting on a comeback.
Effectively, degens, we may have one thing for you.
(Or perhaps not…)
For those who’re not accustomed to the Terra LUNA crash, the above tales offer you a great overview – however suffice to say, many name it ‘the beginning of the present bear market’ and one of many best crypto crashes of all time.
However at the moment we’re right here to let you know a few proposal to revive the Terra Basic ecosystem.
Six engineers who name themselves the “Six Samurai” have proposed to rebuild the challenge.
The thought being: the basics of the challenge 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 – simply appeared smug AF).
This is our evaluation of all of it:
Whereas the basics of LUNA might make sense, it is repute proceeds it.
If folks wish to use algorithmic stablecoins at the moment, they’ll. Initiatives like DAI live on.
On one hand, we get the thought of taking an present (albeit failed) challenge, 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 might be nonetheless being held than a real effort to revive this challenge.
We could also be improper – in actual fact we hope we’re improper – however solely time will inform.
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