Terra: LUNA Circulating Supply up by 1,900,000%; What does it mean?

Paigambar Mohan Raj
Source: The Wire

The Terra (LUNA)-UST debacle has taken the crypto industry by storm. Never before has a project fallen from grace on such a grand scale. Although Terra (LUNA) founder, Do Kwon, has revealed plans of revival, there seems little hope among investors of the once prospering project.

According to statistics supplied by crypto researcher Ali Martinez, the circulating quantity of Terra’s LUNA has increased by over 1.9 million percent in a span of seven days. The circulating supply of LUNA was over 342 million last week. The supply has grown by 6.18 billion so far, increasing the total to 6,531,899,614,602.

Terra (LUNA) rescue operation

Do Kwon, Terra’s co-founder has proposed forking the Terra chain into a new chain minus the UST stablecoin as a fresh rescue strategy. The current proposal, on the other hand, has been widely panned, with some comments accusing Kwon of attempting to extort money from consumers.

The new fork would be called Terra, while the old one (now Terra Luna) would be dubbed Terra Classic. The plan also says that investors in the ecosystem would receive their 1 billion Luna allotment through airdrop.

Do Kwon has yet to provide a projected launch date for Terra Luna Hard Fork. The development is in progress, but the initial steps towards production have been taken. Nonetheless, on May 18th, Asia time, the Terra network plan will go into the first round of voting.

The Terra situation has prompted many countries and firms to take steps to ensure that something like this doesn’t happen again. The UK Treasury Department has reiterated its commitment to regulating stablecoins in light of the recent event. South Korea has also revealed that it is looking into an “emergency examination” on crypto following Terra’s collapse.

At press time Terra (LUNA) was trading at $0.00018481, up by 4.3% in the last 24 hours.