Many inexperienced traders seemed alarmed by the surprising fall of the TeraUSD and Luna coins, with some claiming that one’s entire investment was burned or some threatening suicide.
Terra (Luna) is about to have a rough road following the destruction, especially after clearing the ashes. The organization is trying to connect the parts like bricks so that the system can be rebuilt.
Raul Pal, founder of Real Vision Media Network, refused to support LUNA, the native coin of the defunct blockchain Terra. As he wishes, Twitter advises him not to delete his previous tweets.
“I never understood it”: LUNA. on Raul Pal
Crypto enthusiast @PeterParadoxGG said on Twitter that he had invested around $500,000 in Terra (LUNA) after listening to the advice of Raul Pal and Mike Novogratz. The token then dropped to near-zero values.
Mr. Pal responded to his tweet, claiming that he had neither purchased, nor promoted, Terra (Luna), and did not know how it worked.
Mr. Pal’s pro-Luna sentiments were quickly retweeted by Twitter users. He named Solana, Polkadot, Avalanche and Terra as his favorite large-caps exactly six months ago.
On March 10, 2022, he repeated a similar comment, calling LUNA a “good” cryptocurrency. Perhaps one of the supporters sent a videotape of Raul Pal’s November conversation with Hejiye, in which he mentioned Solana and Terra as potential Ethereum competitors (ETH).
Terra 2.0 will not be supported by exchanges or services.
Mr Pal rubbished all the allegations, alleging that his statements were taken out of perspective. He insisted that he would never actually invest in DeFi because he didn’t quite get the concept.
LUNA and its stablecoin TerraUSD (UST) failed after a massive withdrawal via the Anchor Protocol (ANC) yield farming module.
Do Kwon of TerraForm Labs offered several solutions to revive Terra (LUNA), including the creation of a fresh blockchain. However, some providers have announced that they will not support the revised system.