It was one of the most appalling events in crypto history. Brenda is a crypto and Blockchain enthusiast and has been crafting . What I see here is people still could not accept the fact that it is dead.. Community and builders invested so much money and time already in the chain that they have no choice but to continue the effort. Its estimated that the Luna crash ended up tanking the price of bitcoin and causing an estimated loss of $300 billion in value across the entire cryptocurrency space. Update (May 18th): The Terra community is not responding well to Do Kwons Terra Ecosystem Revival Plan 2. The CEO of Terraform Labs has moved his recovery plan status to final a day after drafting it on the Terra Research Forum despite most users on the platform publicly criticizing the proposal. The market price of the troubled coin beginning from April 19 to May 19, 2022, shows how LUNA went from its All-Time High of $119.18 on April 5, 2022, to $0.0001349on April 19, 2022. As per analyst Kelvin Maina For Luna to recover, they will need to address the problem and show clearly that such a drop will not happen again. Within this action, Terraform Labs will hold a governance vote on Wednesday, May 18, on whether to pass a hard fork for Terra, similar to the famous DAO hack the Ethereum network experienced in 2016, which split blockchain networks into two tokens, Ethereum (ETH) and Ethereum Classic (ETC). Join Our Telegram channel to stay up to date on breaking news coverage. It has since recovered somewhat but the big question is if Luna will recover or if it is at a dangerous place now. Tether and USDC are both tied to USD. Yes, there is a reasonable probability that LUNC Crypto can recover. MetaGloria another NFT game is set to launch on Terra Classic this year. No visibility on when the Federal Reserve will stop rising rates given the continued rise of Personal consumption. The goal being, a steady store of value for investors, unlike other volatile coins (like ethereum). Is Luna Recovering? The UST coin was supposed to derive its stability through Luna, also created by Terraform Labs. UST is the algorithmic stablecoin, and its price stability is deeply co-related to the LUNA price. Luna Classic was on a path of recovery between May and September. To provide our readers with accurate, reliable, unbiased and actionable information. LUNC is likely to go down further in the short term after rising a little due to the Binance announcement. Terra Luna Recovery Plan Some traders on social media are still optimistic that Terra Labs and Luna Foundation Guard will be able to implement a recovery plan for LUNA. After the coordinated attack against Terras algorithmic stablecoin UST, supporters hope the imminent LUNA hard fork will be a lifeline for the Terra ecosystem. Terraform Labs is not relenting in its effort to revive Terra coin (LUNA) which crashed from $64.13to $32.00on May 9, 2022, and dipped to further to nearly $0 in less than four days. This led to a de-pegging of UST from the dollar, As a consequence, many consumers began to convert their UST (worth less than a dollar) with a dollar worth of Luna. Luna Classics Price recovery will depend on a few factors: Among the above three factors, the macroeconomic environment is not in control of the Luna Classic Community. This is a BETA experience. LUNA is the native token of the Terra blockchain, along with the UST stable coin. The last amendment is to decrease distribution to post-attack $UST holders. The crypto exchange stated: "The Terra Classic (LUNC) network upgrade will take place at the Terra Classic block height of 11,734,000, or approximately on 2023-02-28 22:00 (UTC).". LUNA and UTC. var pid588602 = window.pid588602 || rnd; In the meanwhile, LUNA 2.0 is getting stronger by the day. In the last few days, the crypto industry had witnessed one of its worst sell-off with Terra blockchain suffering the most. NFT will continue to be of interest for Terra Classic but perhaps not its biggest strength. The Luna Foundation Guard (LFG) council's recovery of Terraform lab's LUNA and UST has nearly failed as reserves plummet to $71.26 million, and the two tokens fail to recover. But the coin ultimately plummeted. Save my name, email, and website in this browser for the next time I comment. Luna had four different roles in the Terra network: A Luna coin was going for around $116 in April and ended up dropping to a fraction of a penny before being delisted. While the probability of Luna Coin rising in price is moderate, it is difficult to say if the coin has a future in the medium to long term. The plan could have been to cause it to trade at a significant discount, then cover the position. So while it is possible to launch NFTs on Terra Classic, there are better options in the market. However, should the community activities stall, it could end the cryptocurrency fairly quickly. If a massive crypto market slump wasn't bad enough, the world's third-largest stablecoin ecosystem collapsing has certainly added fuel to the fire. As per the information on Terra Research Forum, the proposal willincreaseBasePool from 50M to 100M SDR and decrease PoolRecoveryBlock from 36 to 18 Blocks. This wont work. The Anchor Protocol was a decentralized money market built on the Terra blockchain. Similarly, the historical transfers from Terra to Ethereum showed significant activity around the exact dates. The LUNA foundation guard liquidated most of their BTC holdings to stabilise the peg. SBF Seeks Expert Assistance In Criminal Fraud Case Amidst Fresh Allegations, Crypto News Today: Markets Remain Sluggish, This is When BTC, ETH May Make a Move Higher, The Author Who Said Bitcoin Will Hit $500K Predicts World Economy to Collapse, #RelistXRP : XRP is listed & Available on Uphold Exchange, Solana (SOL) And Filecoin (FIL) Way Too Unpredictable? Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. A Terra Luna burn was one potential recovery plan for the collapsed crypto. Lots of moving parts within the Luna network ahead of its collapse. However, we also notice significant layoffs in the United States which will eventually play out in the form of consumption, liquidity, and investments. The logic behind the latest proposal to fork LUNA was stated by Terraform Labs CEO. A mechanism for maintaining Terras stablecoin peg. The network should incentivize its security with a reasonable inflation rate, say 7%, as fees will no longer be enough to pay for security without the swap fees. Keeper Popular Windows Password Manager With an Easy-to . Which are the Best Altcoins to Invest in 2023? Before that, the coin went from being worth less than $1 in early 2021 to creating many crypto millionaires within a year. Currently, it is a massacre for the Terra investors, the profits of whom were slaughtered within a period of 48 hours. Long story short, Luna was abandoned as it became worthless. Bitcoins price was settled at $36K. The live Terra price today is $1.71 USD with a 24-hour trading volume of $62,399,731 USD. . See the price below:DayOpenCloseHighApril 19$91.03$95.62$95.82April 20$95.57$94.96$97.25April 21$94.94$90.80$99.24April 22$90.78$93.68$96.71April 23$93.67$89.53$93.90April 24$89.44$90.56$92.18April 25$90.47$97.04$97.25April 26$96.96$88.55$97.28April 27$88.53$89.09$90.55April 28$89.10$88.96$92.31April 29$88.98$85.12$89.59April 30$85.07$78.34$86.29May 1$78.32$82.24$82.65May 2$82.24$84.31$85.11May 3$84.31$82.59$85.48May 4$82.58$86.17$87.96May 5$86.16$82.58$87.78May 6$82.55$77.46$82.94May 7$77.47$68.25$77.49May 8$68.25$64.08$68.27May 9$64.13$32.00$65.14May 10$31.98$17.52$39.47May 11$17.45$1.07$19.17May 12$1.07$0.003559$1.28May 13$0.003549$0.000102$0.01281May 14$0.0001147$0.0004588$0.0007658May 15$0.0004608$0.0002151$0.0004608May 16$0.0002153$0.0001956$0.0002793May 17$0.0001961$0.0001867$0.0002181May 18$0.0001866$0.0001472$0.0001971May 19$0.0001471$0.0001349$0.0001564A month timeline of LUNA Price. Introducing a new liquidity profile for pre-attack $LUNA holders. So if you were looking to make an investment, although risky, you can do it there. Terra co-founder Do Kwon has unveiled a revival plan for the Terra community, which will involve abandoning the UST stablecoin entirely. The company liquidated its Luna position prior to the collapse for a return of $171 million. The coin's value tumbled from around $6.75 to less than one cent. The recovery plan proposes a cap of 1 billion coins, where 900 million tokens of the new chain are set aside to be returned to LUNA and UST holders from before the de-pegging event and chain hold, and the last 100 million tranche is to be staked at the network genesis state. This mechanism was constructed so volatility and UST price dislocations could be smoothed out with UST and LUNA supply expansions or contractions via on-chain arbitrageurs. Once the stablecoin failed to maintain its peg, investors, already flighty in the current market, sold their UST. Terra Luna's Revival Plan 2.0. The organization has now announced that it will readjust its mechanism to be collateralized. If UST goes above $1, then LUNA is burnt while new UST coins are minted. The Luna crypto network collapsed in what's considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market. And, this will increase minting capacity from $293M to ~$1200M., Kwon predicts, With the current on-chain spread, peg pressure, and UST burn rate, the supply overhang of UST (i.e., bad debt) should continue to decrease until parity is reached and spreads begin healing.. Following the tokenomics, the total supply of the new LUNA Core chain would be capped at 1 billion tokens. Government regulation With the crash of FTX in November and Luna earlier, there is an increased chance of Government regulation. Amid the chaos that saw LUNA drop over 99% from its May 6, $80 print- and UST lose its peg, TerraLabs founder and CEO Do Kwon stepped forward with a recovery plan that will hopefully. After the Terra crash in May 2022, the Terra Foundation launched a new version of Luna called Luna 2.0 $LUNA. In December, LUNC was ahead every day of the whole month. Only $100 million worth of UST can be exchanged for LUNA each day. The cryptocurrency Terra (Luna) is showing no signs of recovery after losing all of its value in last week's dramatic crash. Based on snapshots made on May 7, 2022, Do Kwon has advised keeping both blockchains, the original LUNA Classic (LUNC), and a parallel LUNA. A cryptocurrency is a digital or virtual currency that uses cryptography for security LUNA has dropped by over 98 per cent in the past seven days and is currently trading at around $2. Even at the time of this update, hundreds of holders are doubtful that the revival plan would work, saying, LUNA is dead. Yes, Luna could rise again as the macroeconomic environment is improving a little. Wrapped coins increase interoperability between blockchains, as standalone blockchains are not designed to pass information between them. Another wrote that they had lost $15,000 . On the Twitter Page of Terra Friday, May 20, 2022, Terraform Labs disclosed that an amendment to Proposal 1623that include the LUNA communitys feedback since its publication to include the following changes: 1. Kwon has been under pressure since the crash. By comparing the price and volume of UST displayed in the chart above, we found that volume increased significantly on May 8, originating during the same time as the tokens initial loss of value. It all started when someone liquidated $285 Mn worth of UST on Curve and Binance. New Delhi: After nosediving last week, Terra ( LUNA) has laid out a revival plan. So, a consumer can borrow against their crypto assets for an unlimited period and a small fee as long as the value of their cryptocurrency is higher than the value of the capital borrowed. Read on. The co-founder of Terraform Labs has unveiled the much-awaited recovery plan to solve the UST debacle. The sentiment around Terra is still that of panic and concern, but there are some signs of hope for the network amid all of this. Terraform Labs created the UST coin to be an algorithmic stablecoin on the Terra network. Our view is the Cryptocurrency market could see further downside over the next few months (2018 Precedent). How Uncle Sam may overthrow Satoshi as the ruler of digital currency using stablecoins as a tool of statecraft, Avalon digital universe: Sony and former Electronic Arts employees raise $13 million, Wash Trading on NFT Marketplace Blur: An Analysis, WETH Price Upside Remains As Bulls Eye $1,900, Featured in Forbes, Nasdaq.com, Yahoo Finance, Free Tickets to Jackpot Prize Draws for Holders, Passive Income Rewards - Play to Earn Utility, 10,000 NFTs Minted in 2022 - Now on NFTLaunchpad.com. To bring it back to the levels, the organization liquidated most of its reserves to buy UST and pump up its price. If people had known this earlier, they would not trust this man. You may opt-out by. This period in particular. Please conduct your own research and seek advice from a licensed financial advisor. He also stressed that the community will play a big part in reassembling the blockchain. 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