In a recent tweet, Terra founder Do Kwon wrote that he was “heartbroken” that his development lost all its value this week.
Responding to his tweet, Dogecoin co-founder Billy Marcus said that Kwon should stop making things worse in the crypto market and leave the industry for good.
I recommend that he stop trying to attract new victims to fund previous ones and leave this space for good.
Luna was trading at $120 in early April, but the rate collapsed this week and dropped to $0.0003795 on Sunday.
There are several community suggestions on Agora about steps to move forward. After reading through many of them, I laid out my thoughts on what I think is the best solution.
He said that 40 percent of the new tokens would be distributed to Luna holders before the untethering event, and the remaining 20 percent would be allocated to Luna holders at the last minute of the network shutdown, as well as the community pool.
Kwon mentioned that the network needs to be recreated in order to preserve the extensive developer ecosystem.
He added that the entire system has survived a complete demise; now the network must be rebuilt from the ground up. Kwon aims to encourage existing members not to give up on the project altogether.