TL;DR
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Six engineers who call themselves the “Six Samurai” have proposed to rebuild the Terra LUNA project. The idea being: the fundamentals of the project actually made sense, the problem was that when a bank run happened, there weren’t enough reserves to get it back to its $1 peg.
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On one hand, we get the idea of taking an existing (albeit failed) project, learning from the things that didn’t work, and improving on it. At the same time, this seems like more of a last ditch effort to get a small return on the LUNA Classic tokens that are still being held than a true effort to revive this project.
Full Story
Back in May last year, we wrote about the Terra LUNA crash…a lot!
For example, this was the day when sh*t hit the fan, this was the day when we wrote about a very short lived potential survival plan, and on this day we discussed how some degens were betting on a comeback.
Well, degens, we may just have something for you.
(Or maybe not…)
If you’re not familiar with the Terra LUNA crash, the above stories give you a good overview – but suffice to say, many call it ‘the start of the current bear market’ and one of the greatest crypto crashes of all time.
But today we’re here to tell you about a proposal to revive the Terra Classic ecosystem.
Six engineers who call themselves the “Six Samurai” have proposed to rebuild the project.
The idea being: the fundamentals of the project actually made sense, the problem was that when a bank run happened, there weren’t enough reserves to get it back to its $1 peg.
(Oh, and the founder – Do Kwon – just seemed arrogant AF).
Here’s our assessment of it all:
While the fundamentals of LUNA may make sense, it’s reputation proceeds it.
If people want to use algorithmic stablecoins today, they can. Projects like DAI continue to exist.
On one hand, we get the idea of taking an existing (albeit failed) project, learning from the things that didn’t work, and improving on it.
At the same time, this seems like more of a last ditch effort to get a small return on the LUNA Classic tokens that are still being held than a true effort to revive this project.
We may be wrong – in fact we hope we’re wrong – but only time will tell.
