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Billionaire Mark Cuban Pours Cold Water on Terra 2.0

Thu, 05/26/2022 - 20:08
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Alex Dovbnya
Mark Cuban has joined other prominent individuals in dismissing Terra 2.0
Billionaire Mark Cuban Pours Cold Water on Terra 2.0
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Billionaire Mark Cuban told Fortune that he wouldn’t put money into Luna 2.0, dismissing the yet-to-be-launched project early on.

Prior to that, Cuban confirmed that it hadn’t invested in either LUNA or the UST stablecoin. The billionaire has also passed on the failed Anchor protocol, which was one of the key pieces of the Terra ecosystem.   

It’s understandable why Cuban didn’t want to touch anything linked to algorithmic stablecoins with a ten-foot pole. Last year, the “Shark Tank” host touted a decentralized finance project Iron Finance, which experienced a Terra-like collapse in June, albeit on a much smaller scale. The IRON stablecoin lose its peg while the price of the TITAN token tumbled to zero.  

After Terra collapsed in early May, the community decided to give the project another go, overwhelmingly voting to launch a new version of the failed blockchain. Major exchanges, including Binance, have announced that they would support LUNA’s airdrop.

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The activation of the mainnet version of Terra 2.0 is scheduled to take place this Friday. Thirty percent of the tokens will be issued right after the genesis block. The remaining portion of the airdrop will be distributed over the next two years.

Many are doubtful that Terra will be able to rise from the ashes.  

As reported by U.Today, Dogecoin co-founder Billy Markus harshly criticized the attempt at revival of the failed blockchain, predicting that it will attract “dumb gamblers.”

BitGo CEO Mike Belshe has questioned whether Terra 2.0 will be able to fare better than the first iteration of the project.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.