Dogecoin (DOGE) co-founder Billy Markus stated that the Terra 2.0 Blockchain project, which will be implemented recently, is “cryptocurrency He claimed it would show how stupid his gamblers were.”
Billy Markus recently announced that he does not invest in cryptocurrencies.
luna 2.0 will show the world just how truly dumb crypto gamblers really are
— Shibetoshi Nakamoto (@BillyM2k) May 25, 2022
Terra Community Greenlights Project LUNA 2.0
As it is known, the Terra community gave the green light to the Terra 2.0 project by voting mostly yes to Do Kwon’s proposal to revive LUNA.
The new Terra chain will arrive on May 27, but this time it will differ from the previous one in that it does not have a stablecoin.
Earlier this month, with the TerraUSD (UST) token losing its stable price to the dollar, there was huge selling pressure on LUNA, the management token of the same ecosystem, and their values were almost zero after the two altcoins entered a death spiral.
With the launch of the new Blockchain, a new Terra token will also be launched. The token on the legacy Blockchain will be called LUNA Classic, similar to Ethereum Classic.
According to the distribution model presented in the proposal, 35% of the tokens will be distributed to the pre-crisis LUNA token holders.
10% of the token supply will be allocated to UST holders before the collapse. After the collapse, Terra and UST holders will receive 25% of the tokens. The records of the stock exchanges were taken to cover the dates of 7 May and 27 May. (before and after the project crashed).
Kwon claimed that his main motivation was to protect the strong ecosystem behind the project in trouble.
However, many names like the DOGE founder think that this rescue plan will cause many grievances and fail.
*Not investment advice.