{"id":239878,"date":"2022-05-28T01:00:22","date_gmt":"2022-05-28T00:00:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=239878"},"modified":"2022-05-28T02:50:26","modified_gmt":"2022-05-28T01:50:26","slug":"dogecoin-co-founder-calls-luna-2-0-believers-truly-dumb","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/dogecoin-co-founder-calls-luna-2-0-believers-truly-dumb\/","title":{"rendered":"Dogecoin co-founder calls LUNA 2.0 believers ‘truly dumb’"},"content":{"rendered":"

Dogecoin co-founder Billy Markus<\/a> slammed Terra's attempt to relaunch LUNA, calling those who buy into it “truly dumb.”<\/p>\n

The Terra ecosystem implosion has dominated headlines the past few weeks. Users lost billions, and lives were turned upside down as the UST stablecoin lost its $1 price peg.<\/p>\n

During the fallout, internet detectives and whistleblowers have voiced multiple accounts of suspicious activity. All of which point to shady goings-on within the Terra hierarchy and beyond.<\/p>\n

Examples of allegations include the manipulation of Terra retail investors<\/a> by prominent entities, usage of the Mirror Protocol<\/a> to enrich senior figures, and Terra founder, Do Kwon's links to failed algorithmic stablecoin project Basis Cash<\/a>.<\/p>\n

With so many red flags emerging from the Terra autopsy, does Markus have a point?<\/p>\n

Terraform Labs to relaunch LUNA<\/h2>\n

Word of a Terra relaunch first broke on May 16, when Do Kwon<\/a> posted a tweetstorm detailing a revival plan. This plan initially entailed forking<\/a> the old chain into a new chain without the UST stablecoin component.<\/p>\n

Devs have since stated LUNA 2.0 will be a brand new chain and not a fork<\/a>.<\/p>\n

Token distribution from the new chain will take the form of airdropping<\/a> to “stakers, holders, residual UST holders, and essential app developers” of the old chain.<\/span><\/p>\n

The community voted “with overwhelming support” to pass Proposition 1623<\/a> on May 25, paving the way for LUNA 2.0 to launch.<\/p>\n

The relaunch and token airdrop were scheduled for May 27, but an announcement<\/a> on that day has delayed this to May 28 at 06:00 GMT.<\/p>\n

It's a thumbs down from the community<\/h2>\n

Co-founder and CEO of blockchain carbon credit firm eCarbon, Joshua Fernando<\/a>, spoke of the dangers of reviving LUNA. By email, Fernando raised several salient points about the relaunch, including:<\/p>\n