Could Kwon’s Terra 2.0 Contain New Stablecoin?

Terraform Labs (TFL) founder Do Kwon is reportedly working on another decentralized stablecoin for his new blockchain Terra 2.0 LUNA/USD.

What Happened: In a Twitter update on Sunday, Terra Research Forum’s FatMan said 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 to be built on top of Terra 2. fool me once…

— FatMan (@FatManTerra) May 30, 2022


Another decentralized stablecoin from these makers would be particularly surprising given that Kwon’s initial proposal for the Terra 2.0 blockchain would not include algorithmic stablecoins.

6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stable coins called “Terra” (token Luna – $LUNA), and the old chain is called “Terra Classic” (token Luna Classic – $LUNC† Both chains will co-exist.

— Doe Kwon (@stablekwon) May 16, 2022

See Also: Dogecoin Creator Says Luna 2.0 Will Show The World How Really Dumb Crypto Gamblers Are

The Terra 2.0 blockchain lost 70% of its value on its first day of release. The new LUNA token peaked at $19.54 on Saturday before dropping to $5.23.

At the time of writing, LUNA was trading at $9.80, after gaining 70% in the past 24 hours, according to data from Benzinga Pro.

Bitcoin BTC/USD rose 4.72% over the same period and traded at $31,748, and Ethereum ETH/USD rose 6.08% and traded at $1,992.

Photo courtesy: Terra

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