Do Kwon to now explore decentralized stablecoin with Terra 2.0?

Sahana Kiran
Source – Unsplash

While the crypto community had just begun recovering from the recent Terra crash, the Terraform Labs [TFL] launched a brand new chain. As the residents of the crypto-verse were getting accustomed to this, news pertaining to the creator of the problematic network, Do Kwon started making rounds. More recently, it was brought to light that Kwon was working on yet another stablecoin.

Terra 2.0, entailed an array of changes. TFL did not seem to want anything from its previous chain. As a result, it stressed the fact that Terra 2.0 wasn’t really a fork since it did not share any history with the original chain which is now called Terra Classic. Therefore, its infamous algorithmic stablecoin, TerraUSD [UST] wasn’t a part of the new chain. Right after this was announced, the community was glad that the firm had learned its lesson.

However now, it seems like Kwon was at it again. Only this time, he was reportedly designing a decentralized stablecoin.

“FatMan”, a member of the Terra community took to Twitter and gave the crypto-verse inside information. A verified source revealed that Kwon was in the process of designing plans for a brand new decentralized stablecoin that would be built on top of Terra 2.0.

The community was certainly not pleased with this news. An array of them were surprised by the fact that TFL was trying to roll out a stablecoin once again. But, some of them seemed to be open to the idea if the stablecoin was fully collateralized.

“Fatman” tweeted,

“True, that could be something to consider – let’s see what they come up with. I would like to see TFL step away from Terra 2 though, they are bad actors and are toxic to this space. Hand control back to the builders so they can truly flourish.”

LUNA 2.0 surges by 73%

Released over the weekend, Terra 2.0 has managed to veer into several crypto exchanges. LUNA 2.0 even surged to a high of $19.54 following its launch. While its price dipped to a low of $5, recovery was in its cards. At press time, LUNA was trading for $10.21 with a 73 percent increase.

While Binance is yet to airdrop LUNA to its customers, the chances of the asset witnessing a drop were high.