Do Kwon, co-founder and CEO of Terraform Labs, was among the first people to tweet on Friday evening, and one of his first tweets was about the death of Terraform’s LUNA token and its stablecoin, which was dubbed UST.
The comments were made just a few hours after Kwon’s proposal to restart the network with 1 billion tokens distributed to aggrieved holders and users. Kwon’s request was in response to the fact that the network had been damaged.
Those who have been following The Block’s coverage of the meltdowns of the UST and Terra stablecoins over the last week will know that the losses that have resulted from these events have been significant. Because of the resulting instability, the quantity of LUNA that was in circulation surged enormously, and as a result, blockchain outages and market trading halts occurred.
On Friday, the creators of Terra said that they were working on a report that would summarise the happenings of the previous week. “The #LUNAtics have been nothing short of incredible. There will be more coming, “The most recent comment confirmed this interpretation.