Terraform Labs (TFL) founder Do Kwon is reportedly engaged on one other decentralized stablecoin for its new blockchain Terra 2.0 LUNA/USD.
What Occurred: In a Twitter replace on Sunday, Terra Analysis Discussion board’s FatMan mentioned {that a} “verified insider” from TFL revealed {that a} new stablecoin was within the works.
A verified insider near TFL has confirmed that Do Kwon is at the moment engaged on design plans for a brand new decentralized stablecoin that shall be constructed atop Terra 2. Idiot me as soon as…
— FatMan (@FatManTerra) May 30, 2022
See Additionally: IS TERRA (LUNA) DEAD?
One other decentralized stablecoin from these creators could be significantly stunning given the truth that Kwon’s preliminary proposal for the Terra 2.0 blockchain could be devoid of algorithmic stablecoins.
6/ The Terra chain because it at the moment exists must be forked into a brand new chain with out algorithmic stablecoins known as “Terra” (token Luna – $LUNA), and the outdated chain be known as “Terra Basic” (token Luna Basic – $LUNC). Each chains will coexist.
— Do Kwon (@stablekwon) May 16, 2022
See Additionally: Dogecoin Creator Says Luna 2.0 Will Show The World ‘How Truly Dumb’ Crypto Gamblers Are
The Terra 2.0 blockchain lost 70% of its value on the primary day of its launch. The brand new LUNA token reached a excessive of $19.54 on Saturday earlier than falling to $5.23.
At press time, LUNA was buying and selling at $9.80, after gaining 70% over the past 24 hours, as per knowledge from Benzinga Pro.
Bitcoin BTC/USD was up 4.72% over the identical interval, buying and selling at $31,748, and Ethereum ETH/USD up 6.08%, buying and selling at $1,992.
Picture courtesy: Terra
