Updated Token Distribution Details on Terra All the details about the voting on Twitter and the future of Luna have emerged.
The future of luna coin, which has seriously damaged its investors recently, is a matter of curiosity. While some crypto money experts state that the luna coin has bottomed out, thus creating a buying opportunity, some experts recommend that those who will invest in luna coin be cautious. Luna coin comments from the eyes of experts in our special news about Luna coin are as follows.
Luna Coin Future 2022,2025,2030
Unbeknownst to some investors rushing to buy LUNA cryptocurrencies, what happened to Terra (LUNA) was the inflation of the circulating supply.
Severe inflation caused the Terraform Labs team to shut down the Terra blockchain, but the damage was done – hyperinflation caused LUNA’s circulating coin supply to rise from around 350 million to 6.5 trillion at the time of the crash, an increase of more than 18,000 times.
According to the law of supply and demand, if something has 18570x the surplus, it becomes much less valuable per unit. It’s not that rare or scarce anymore – crypto is being referred to as ‘digital Gold’ by the Winklevoss twins, the billionaire founders of Gemini Exchange.
Add in the panicked investors selling the LUNA and the liquidations, and the result is LUNA’s more than 99% drop from its all-time high of $119 to just under a dollar, then 99% back to a cent, then 99% to a cent.
It has fallen below twice its current value. A 2022 low of $0.00000112 against Binance USD (BUSD), one of the few trading pairs still in existence at that point – many crypto exchanges have left it off the list. It didn’t help that Bitcoin fell below $27,000 and the S&P 500 below 4,000 on the same day, both for the first time in more than a year. Considered one of the most streamlined, safest crypto platforms for startups, eToro.com has temporarily suspended LUNA trading for just under a cent, saving those looking to buy LUNA crypto tokens from two of these 99% declines.
2022 TerraLuna: For now, all new details about Luna have begun to emerge. Do Kwon and his team began preparations for Luna to return to her old values with a new project.
If the 2025 Terra Luna: Recovery package works for Luna and its current popularity continues, the coin is predicted to reach the $55 level again.
2030 TerraLuna: Yes, the date everyone is wondering is 2030, the date when we will get the answer of what will happen to Luna years from now. The operation of Luna and the increase in the number of investors in the crypto money world reveal the prediction that this project will have a value above expectations at that time.
Updated Token Distribution Details on Terra
Terra CEO Do Kwon presented the second of his redemption plan to the community, proposing the new fork, as 90% of the initially voting community did not want it, but Terra edited the proposal and presented it back to the community.
The proposal has now voted 182 million LUNA and 80% voted it positively. Terra’s proposal would have to receive a total of 188 million yes votes to be valid, and currently has approximately 147 million yes votes.
Terra, in his statement on Twitter on May 20, said that the last offer was updated and the token distribution details were changed. There is no explanation yet for the buy-back and burn transactions requested by some of the community.
With the newly created chain, the existing Terra network will be copied and a new network will be created. The name of the old network will be changed to Terra Classic, and the name of the new network will be Terra. The native token of the old network will be named Luna Classic (LUNC), while the native token of the new network will be called LUNA.
Token distribution (current)
The new Luna token with a supply of 1 billion units:
- 20% will be available in the community pool.
- 10% will be reserved for developers.
- 35% for pre-attack LUNA owners (including stakes). Initially, 30% and the remaining 70% will be distributed over a 2-year period to wallets with less than 10,000 LUNA. Wallets with tokens between 10 thousand LUNA and 1 million LUNA will be distributed within 2 years after a 1-year waiting period. It will be distributed within 4 years after 1 year to wallets holding more than 1 million LUNA.
- 10% on the chain image to be taken before the UST falls below $1 (May 7, 2022): 30% will be distributed within 2 years, mainly.
- 10% will be distributed to LUNA owners after the attack, 30% at the beginning and 70% within 2 years (including stake).
- 15% will be distributed to UST holders after the attack, 30% at the beginning and 70% within 2 years.
If this proposed proposal passes the vote and enters into force, the new chain will start operating on May 27, 2022.
Gemini halts UST operations: LUNA in voting process
US-based cryptocurrency exchange Gemini has announced that it will cease trading stablecoins next week, following the collapse of the Terra ecosystem tokens and the expiration of the TerraUSD (UST) pegged to the US dollar. The exchange, which is owned by billionaires Tyler and Cameron Winklevoss, announced that trading will be suspended on May 27. According to the announcement, after the suspension of UST trading, the stablecoin will continue to trade in limit-only mode via the ActiveTrader web platform.
Meanwhile, the team trying to save the ecosystem shared their plans to burn UST and LUNA publicly and put them to a vote. The team’s proposal to burn the UST failed and a new proposal was launched for this purpose. After the talk of the airdrop and the new token, the team decided to consider calls from the community and burn the remaining UST in the community pool and cross-chain liquidity. However, the TerraForm Labs team said on Twitter that their efforts to launch the proposal failed due to a technical issue. Proposal 1188, created to burn the UST that remained in the community pool, had already met the requirements; however, it could not be executed due to technical problems.
Terra comment from Tether CTO
Meanwhile, the problems facing the Terra ecosystem were not intentional, according to Paolo Ardoino, Tether CTO behind USDT, the largest stablecoin. According to Tether CTO, managing a low-value ecosystem is much easier given the complexities involved in managing issues in a large, multi-billion coin market like UST and LUNA.
Finally, advisor to the Central Bank Digital Currency Think Tank, Dr. Sean Stein Smith also cited Terra’s comments. In a recent post, he noted that while what’s happening in the Terra ecosystem is a bit of a shame for the crypto community, it doesn’t mean the end of the crypto and blockchain industry as a whole.
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Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.