Terraform Labs (TFL) founder Do Kwon is reportedly working on another decentralized stablecoin for its new blockchain Terra 2.0 LUNA/USD.
What Happened: In a Twitter update on Sunday, Terra Research Forum’s FatMan said that a “verified insider” from TFL revealed that a new stablecoin was in the works.
A verified insider close to TFL has confirmed that Do Kwon is currently working on design plans for a new decentralized stablecoin that will be built atop Terra 2. Fool me once…
— FatMan (@FatManTerra) May 30, 2022
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Another decentralized stablecoin from these creators would be particularly surprising given the fact that Kwon’s initial proposal for the Terra 2.0 blockchain would be devoid of algorithmic stablecoins.
6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna – $LUNA), and the old chain be called “Terra Classic” (token Luna Classic – $LUNC). Both chains will coexist.
— Do Kwon (@stablekwon) May 16, 2022
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The Terra 2.0 blockchain lost 70% of its value on the first day of its release. The new LUNA token reached a high of $19.54 on Saturday before falling to $5.23.
At press time, LUNA was trading at $9.80, after gaining 70% over the last 24 hours, as per data from Benzinga Pro.
Bitcoin BTC/USD was up 4.72% over the same period, trading at $31,748, and Ethereum ETH/USD up 6.08%, trading at $1,992.
Photo courtesy: Terra