The owner of the digital currency Luna is heartbroken because of the collapse, intending to revive Luna again

Do Kwon, the founder of Terraform Labs — creator of the governance token LUNA, stablecoin TerraUSD, and many other cryptocurrencies — said he has spent the past few days calling various community members about the token losing all of its value. their value.

The Luna coin, worth nearly $120 in early April, has collapsed dramatically this week and is trading around 0.0001790 cents.

“I still believe that decentralized economies deserve decentralized cash flow – but clearly $UST right now won’t be,” he wrote on Twitter.

TerraUSD (UST), a stablecoin whose value is believed to remain pegged to the USD, lost its peg (peg) on ​​May 9 and may not recover to its peg (peg).

Kwon outlined his “revival” plan on Terra’s Agora admin forum for next steps.

Solution posted on 5/13. Specifically, the plan re-imagines the distribution of ownership in the network across UST and LUNA holders. They admit Terra’s stablecoin is essentially unrecoverable.

“While a decentralized economy needs decentralized cash flow, UST has lost too much trust with users to play this role,” Kwon said.

The blockchain that underpins LUNA and UST has been shut down twice by validators in the past day. Kwon said he didn’t sell any of his LUNA or UST during the “incident”.

The situation worsened earlier this week when Terraform Labs and the Luna Foundation Guard, an organization tasked with maintaining the value of UST, apparently minted LUNA by printing several billion tokens and raising significant amount of tokens in circulation, further accelerating the price collapse of LUNA in an attempt to save UST.

The token’s market capitalization has dropped from $28 billion at the beginning of May to just around $600 million today.