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Dogecoin Co-Founder Expects Luna 2.0 to Attract "Dumb" Crypto Gamblers

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Wed, 05/25/2022 - 18:21
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Alex Dovbnya
Dogecoin co-founder Billy Markus has ramped up his criticism of Terra (LUNA)
Dogecoin Co-Founder Expects Luna 2.0 to Attract "Dumb" Crypto Gamblers
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In a recent tweet, Dogecoin co-founder Billy Markus 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 overwhelmingly voted in favor of Proposal 1623, a revised version of founder Do Kwon's initial plan to revive the embattled network.

A new Terra chain will be launched on May 27 with one notable difference: there will be no algorithmic stablecoin.

Earlier this month, one of the top blockchain projects went belly-up after TerraUSD (UST) stablecoin lost its peg and exerted extreme selling pressure on the LUNA governance token, pushing its value to zero.

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The rollout of the new blockchain will also be accompanied by the launch of a new LUNA token. The old token will be called LUNA Classic in a nod to Ethereum Classic.

According to the distribution model presented in the proposal, 35% of the tokens will be distributed to pre-attack LUNA tokens. Ten percent of the token’s supply will be allocated to pre-crash UST holders. Post-crash LUNA and UST owners will get a 25% of the tokens. Snapshots were taken on May 7 and May 27 (before and after the project collapsed).

Kwon claimed that his main motivation was preserving the vibrant ecosystem behind the troubled project.

Nebula, Prism, and other projects have thrown their support behind Luna 2.0, but many remain skeptical.

Markus, for instance, has been highly critical of Kwon’s revival plan. Earlier this month, he said that Terra was “the stupidest thing” he had seen in his entire life.

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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.