Promising Move from Terra Luna Founder Do Kwon

Written By Eleman

A promising move came from Terra Luna Founder Do Kwon on Twitter. The hashtag “#TerraIsMoreThanUST” on Twitter, the South Korean cryptocurrency developer who is the co-founder and CEO of Terraform Labs, reaches millions of users in a short time.

Do Kwon continues to post actively on his Twitter account these days. Although Luna’s depreciation continued again, many investors mobilized to save Terra Luna.

Kwon Do-hyung, more commonly known as Do Kwon, is a South Korean cryptocurrency developer who is the co-founder and CEO of Singapore-based Terraform Labs. Terraform Labs is the unlicensed company behind the Terra blockchain, which includes the stablecoin TerraUSD and the network token Terra. The rapid depreciation of Luna after its unlimited supply left many investors frustrated. However, the Luna rescue foundation and many investors are transferring their investments to Luna again.

Promising statement from Terra CEO Do Kwon!

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As the turmoil in the crypto community continues, a statement came from Terra CEO Do Kwon.

The turmoil continues in the cryptocurrency community. With the statements of the FED, the American Federal Reserve, the decline in cryptocurrencies began. The fall of stable coins below 1 dollar broke the confidence in the crypto money community. However, now a statement has come from Terra CEO Do Kwon.

We can say that the losses in the Terra blockchain collapsed the entire ecosystem. Do Kwon, the founder of Terra, has now announced his revival plans.

Do Kwon, CEO of Terraform Labs, the company behind Terra, has announced a new “Revival Plan.” Describing this situation as “a chance to be reborn from the ashes”, Kwon used the phrase “ecosystem and community are worth protecting” for a second revitalization plan.

In his new revitalization plan, Kwon proposed turning Terra into a new chain for Terra USD (UST), the algorithmic stablecoin that is crashing the entire ecosystem, including LUNA. With the new conversion scheme, LUNA holders on the “Classic” chain will receive an airdrop of the new chain’s tokens under the plan. The new chain will be wholly owned by the community, and Kwon’s company and Terraform Labs, the creator of Terra, will not receive funding in the ik token payment.

Mobility After Do Kwon’s Twitter Post

The hashtag “#TerraIsMoreThanUST”, which Do Kwon started on Twitter, quickly became one of the most shared and interacted posts. After the ongoing declines in the crypto world, Terra Luna suffered the most.

However, South Korean Seo’s statements about Luna and the bailout package he announced earlier seem to have encouraged many investors to buy Luna again.

Do Kwon again asked for support with hopeful eyes for Luna.

What did LUNA founder Do Kwon say before?

Do Kwon, the founder of Terraform Labs, the company behind LUNA and UST, wrote another series of tweets about the crisis tonight. Stating that neither he nor his affiliated institutions sold LUNA or UST during this crisis and they did not make any profit from the event, Kwon said, “Decentralized economies need decentralized currencies, but it is now certain that this money will not be UST.”

Terraform Labs founder and CEO of LUNA Foundation, Do Kwon, made important statements about the recent events. Denying the allegations made against him, Kwon said that he made no sales and made no profit during the price crash.

Kwon, who tweeted from his personal Twitter account, stated that the foundation also documents the transactions made during the period when the UST lost its balance against the dollar, and that they will show that there was no sale, and used the following statements:

“I spent the last days talking on the phone constantly with the Terra community members, which are project developers, software developers, employees, friends and family. I am heartbroken and saddened by the pain that the project I created has brought you.

I still believe that decentralized economies deserve decentralized money. However, it is clear and clear that UST will not be that money as it stands.

Luna and UST I Didn’t Sell

Neither I nor the institutions I am affiliated with made sales during this crisis. We did not profit in any way from this. I have sold neither LUNA nor UST. We are working on the foundation’s use of Bitcoin reserves in the period when the dollar balance deteriorated. We are working on documenting these. I’m asking you to have some patience as teams are currently working on many issues.

There are many proposals on the Agora to take the community forward. I’ve read most of them and I’ve written down some of my ideas. What we need to protect right now is the community and software developers who make the Terra block space valuable. I am confident the community will reach consensus to find the right path.”

As it is known, Kwon made a new proposal yesterday and offered to relaunch the network and distribute 1 billion new tokens to users and investors affected by the event.

Is There Still Hope for Luna?

Luna’s short-lived decline has frightened many investors. However, promising posts on social media and billions of dollars traded in Luna strengthened the claims that Luan could be 1 dollar.

However, the very high supply of Luna currently in operation and the fact that Luna is still reaching very high supply levels indicates that it is going through a dangerous period. In addition, there is no sharing about the burning of Luna, which is in excess of supply.

Although the claims that it will be $ 1 seem like a dream for now, the crypto world is a very interesting place. It can make you a millionaire overnight or ruin all your investments. That’s why we recommend that you proceed very carefully and take as little risk as possible when trading on crypto exchanges.

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