TL;DR
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In June, engineers from Terra Luna launched programs they believed would help revive the project’s fallen blockchains, LUNA, LUNC, and USTC.
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They bought back peoples (basically worthless) tokens, then destroyed them / took them out of circulation / tossed them in the trash.
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Right now it feels like the Terra team went into hibernation, hit the gym and are now coming back to play stronger than before. Let’s hope this time it doesn’t lead to any bull market-ending black swan events.
Full Story
Everyone LOVES a comeback story.
Unfortunately, they’re rare in the crypto space – once a project collapses, it’s tough to revive it.
…but it’s not impossible.
And right now we may be witnessing a “Mia Wallace on the floor with a needle full of adrenalin in her chest” kind of revival, coming from the Terra Luna ecosystem.
…that, or it’s gonna be a “Thomas J in ‘My Girl'” kinda situation.
Either way, you’re going to want to watch!
So, in June, engineers from Terra Luna launched programs they believed would help revive the project’s fallen blockchains, LUNA, LUNC, and USTC.
(ICYMI: in 2022 the Terra Luna ecosystem crashed and burned – pretty much, starting the bear market).
We truly thought they’d gone to the grave. BUT! A rag-tag team of engineers have created two programs aimed at reviving the broken ecosystem.
Up first: They built a burn program for their OG, infamous coins LUNA and LUNC.
They bought back peoples (basically worthless) tokens, then destroyed them / took them out of circulation / tossed them in the trash.
You pick your preferred phrase – but for all intents and purposes – the tokens are *poof* gone.
(Which helps to push the price back up, as supply is reduced).
One team, called Mint Cash, is even trying to bring back Terra’s US dollar stablecoin (USTC).
But instead of backing it with a mix of their own tokens and other coins (which lead to disaster last time), they plan to back it entirely with Bitcoin…
I.e. If you buy a dollar of USTC, Mint Cash will buy $1 worth of BTC.
Honestly, we have no idea how a volatile asset like BTC is going to successfully back a stablecoin…
But the market doesn’t seem to be worried about it – LUNA, LUNC and USTC have jumped more than 300% this week alone.
Either way you slice it:
Right now it feels like the Terra team went into hibernation, hit the gym and are now coming back to play stronger than before.
Let’s hope this time it doesn’t lead to any bull market-ending black swan events.
