Billy Markus was critical of LUNA 2.0 and those who bought into the relaunch, which he saw as a failure.
Terra’s effort to bring back LUNA has been derided by Dogecoin co-founder Billy Markus as “really foolish.”
The collapse of the Terra environment has dominated the news in recent weeks. When the UST stablecoin’s $1 price peg was broken, users lost billions of dollars and their lives were turned upside down.
Internet detectives and whistleblowers have come up with several reports of suspicious activities in the aftermath. There is a lot of questionable activity going on in the Terra hierarchy and beyond.
The Mirror Protocol is said to have been used to benefit key executives at Terra, as well as Do Kwon’s connections to the failed algorithmic stablecoin project Basis Cash, among other things. Does Markus have a point, given the plethora of red lights raised by the Terra autopsy?
When will Terraform Labs reopen LUNA?
On May 16, Do Kwon sent a series of tweets outlining a strategy for a Terra relaunch. The original idea was to create a new chain that did not include the UST stablecoin.
LUNA 2.0 will be a whole new chain, not a fork. There will be an airdrop to “stakers, holders, residual UST holders and critical app developers” of the old chain to distribute the new chain’s tokens.
May 25 saw an overwhelming vote in favour of Proposition 1623, opening the path for LUNA 2.0 to go into production. An announcement on May 27 has postponed the relaunch and token airdrop until May 28 at 06:00 GMT.
Also Read: Do Kwon, creator of LUNA is accused of fraud over Mirror Protocol
