Dogecoin co-founder Billy Marcus has intensified his criticism of Terra (Luna).
one in Recent TweetDogecoin co-founder Billy Marcus claims that the upcoming launch of Terra 2.0, the new iteration of the failed blockchain project, will show just how “dumb” cryptocurrency gamblers are.
The community voted overwhelmingly in favor of Proposition 1623, a modified version of founder Do Kwon’s initial plan to revive the beleaguered network.
A new Terra Chain will be launched on May 27, with one notable difference: there will be no algorithmic stablecoins.
Earlier this month, one of the top blockchain projects went belly-up after the TeraUSD (UST) stablecoin lost its peg and put extreme selling pressure on the LUNA Governance token, bringing its value to zero.
The rollout of the new blockchain will also coincide with the launch of a new LUNA token. The older token for Ethereum Classic will be called LUNA Classic.According to the distribution model presented in the proposal, 35% of the tokens will be distributed before the attack on the LUNA token. Ten percent of the token supply will be allocated to pre-crash UST holders. LUNA and UST owners will get 25% of the tokens after the crash. Snapshots were taken on May 7 and May 27 (before and after the project collapsed).
Kwon claimed that his main motivation was to preserve the vibrant ecosystem behind the troubled project.
Nebula, Prism and other projects have lent their support behind Luna 2.0, but many remain skeptical.
Marcus, for example, has been highly critical of Kwon’s revival plan. Earlier this month, he said Terra was “the stupidest thing” he’d seen in his entire life.