TL; DR
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In June, Terra Luna engineers launched programs they believed would help revive the project’s fallen blockchains, LUNA, LUNC and USTC.
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They bought back (basically worthless) tokens from people, destroyed them / took them out of circulation / threw them in the trash.
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Right now it feels like the Terra team went into hibernation, hit the gym, and are now coming back to play stronger than before. Let’s hope this time it doesn’t lead to bull market ending black swan events.
Full story
Everyone loves a comeback story.
Unfortunately, they are rare in the crypto world; once a project collapses, it is difficult to revive it.
…but it’s not impossible.
And right now we may be witnessing a “Mia Wallace on the ground with a needle full of adrenaline in her chest,” a kind of revival, coming from the Terra Luna ecosystem.
…that, otherwise it becomes a ‘Thomas J in ‘My Girl” type situation.
Either way, you’ll want to watch!
So in June, Terra Luna engineers launched programs that they believed would help revive the project’s fallen blockchains, LUNA, LUNC and USTC.
(ICYMI: In 2022, the Terra Luna ecosystem crashed and burned – pretty much the start of the bear market).
We really thought they had gone to the grave. BUT! A team of engineers has created two programs aimed at revitalizing the broken ecosystem.
First things first: they built a burning program for their OG, the infamous coins LUNA and LUNC.
They bought back (basically worthless) tokens from people, destroyed them / took them out of circulation / threw them in the trash.
You choose your preferred phrase, but for all intents and purposes the tokens are *ottoman* away.
(Which helps push the price back up as supply decreases).
One team, called Mint Cash, is even trying to bring back Terra’s US dollar stablecoin (USTC).
But instead of backing it with a mix of their own tokens and other coins (which led to disaster last time), they plan to back it whole with bitcoin…
That is, if you buy a dollar of USTC, Mint Cash will buy $1 worth of BTC.
Frankly, we have no idea how a volatile asset like BTC will successfully support a stablecoin…
But the market doesn’t seem concerned: LUNA, LUNC, and USTC are up more than 300% this week alone.
No matter how you slice it:
Right now it feels like the Terra team went into hibernation, hit the gym, and are now coming back to play stronger than before.
Let’s hope this time it doesn’t lead to bull market ending black swan events.
