ASK LEO: Will you use the new Terra fork if it happens?

1 mo
LeoFinance
3 Min Read
533 words

We all know by now what has happened to the LUNA/UST ecosystem. But the real interest is what happens next. There are a number of projects built on top of Terra, that are now trying to figure out what to do next.

  • Do they move to another chain to keep their project alive?

  • Do they wait for a fork and stick with the new Terra chain?

  • Do they leave the Cosmos eco-system all-together and move to Eth, or Solana or something else?

  • Do they spin up their own chain (not a huge task in the Cosmos eco-system) and move on as a layer one?

  • What do they do for a stablecoin?

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Image Source: Pixabay

Anyway, those are all questions for the projects to work out.

Will you use "New Terra"?

My interest is more on us as individual investors. If the plan to fork, and airdrop tokens to those who held previously goes ahead, are you interested?

There has been plenty of coverage here on Leofinance of Terra since all the drama has unfolded. @melbourneswest in particular has been all over it, and his latest post covers the revival plan in detail.

My question is simply, will you consider it?

What do I think?

My answer is real simple.

Hell NO!

I have been significantly affected by the collapse of Terra, even though I had never directly used any of the platform. However, I did have significant (as a proportion of my portfolio) holdings of both LUNA and UST in liquidity pools on Osmosis. Possibly the worst place to be in these circumstances as having these positions bonded for 14 days meant we became a big source of exit liquidity for everyone rushing to the exits. Watched my OSMO/LUNA pool go from a value of around $5,000 a few weeks ago, to $1.64 currently. All the OSMO was drained by the massive printing of LUNA.

In addition, the flow on effects have severely hurt the Osmosis platform overall. The price has tanked, and liquidity is a fraction of what it was a couple of months ago. All my pools are way down, and all my Cosmos assets are looking like crap, tbh.

So, a bit bitter and angry, I will never ever touch anything that Do Kwon has anything to do with. I will absolutely not go anywhere near the Terra eco-system, in whatever form it may take.

As for the projects built on top, I will consider them if they move to a different chain and adapt to the circumstances. My biggest hope in all this is that something significant, like maybe Mars Protocol moves to Comdex, a project I have high hopes for. Yesterday, I posted about a new stablecoin coming out soon from the Comdex team, and with Mars Protocol needing a stablecoin as a key part of its offering, I am hopeful that this match could work.


What do you all think? Open to seeing what the "new Terra" might have to offer? Or would not touch with a barge pole?

Let me know in the comments.

Cheers,

JK.

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New Terra is already dead in my opinion. Anyone that touches it is an idiot.

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1

I agree. Can't really see the point of them trying to restart. Won't be going anywhere near it in future.

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I bought Luna last week when it was over $2. The first time I have bought Luna. I thought I was getting a bargain. Even if it forks I'm not go near it !

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I think a lot of people tried to catch the falling knife.

I thought about it, but didn't do anything much. Yeah I'm happy to confine it to the scrap heap and move on.

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Unfortunately, for many of us we will have no choice but to participate as the airdrop compensation will be vested for 2 to 4 years.

I also don't think what I get in compensation will be anywhere near the value of what I have lost.

It's great that developers are remaining but I fear that they won't have the retail investors to support them as a lot of people have been hurt. The impacts have been felt way beyond Terra with their dumping of Bitcoin.

I was talking to someone involved in finance who also has been following it. He said there is silver lining because it has shown how tiny the crypto marketplace is with a single asset causing a RECESSION.

Yes he believes that crypto is currently in a recession and may take a number of years to recover. A lot can happen in that time.

Terra also had a lot of mainstream investment firms involved so chances are they won't want to lose their investment and will pump more cash into it to get the management structures in place and a strong financial literacy strategy.

There is a chance that in 5 years time, Luna will bounce back. But in the short-term, No.

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Hmm, will the big wallets, VC's and founders airdrops be vested as well?

The thing is, the Terra blockchain itself was nothing special. It was just a Cosmos SDK chain, with an outdated version of Cosmwasm for its smart contract layer. Most of the projects built on it, could move fairly easily to JUNO, or OSMOSIS, or COMDEX or a multitude of other Cosmos chains with Cosmwasm (heck even HUAHUA has it.)

UST was Terra's unique feature - and that is broken. I don't personally see a replacement, collateralized "stablecoin: being trusted. IMHO, the brand is ruined completely.

Crypto bear market is here, for sure. It just remains to be seen how nasty it gets.

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Exactly, I was looking how to buy Juno. Looks like early days but I picked up a small amount of Atom.

I also got 200k Luna for the snapshot being taken next week on the 27th of May.

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Positives for JUNO is its really pretty decentralized - no VC's or pre-mines.

Downsides I see is its permisionless CosmWasm, meaning its a bit of a shitcoin factory and potential rug pull haven, and governance can get a bit toxic.

Just my opinion, you will find plenty that will disagree with these opinions

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I do believe the whole Cosmos is in a recession though. A lot of things were paired with UST. Who knows if it will recover though.

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I am done with Terra for good. So no, I am not going to use the new Terra Fork. I still have some $UST that is going to zero so I will wait and see what happens to them when they fork the chain. I will exit as soon as I see an opportunity and will never look back again.

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Yeah, I will steer clear for sure. My Osmosis pools un-bond in a couple of days, and I can't wait to get rid of them an move on. Not even a little bit tempted to hang on to some LUNA for any airdrops or snapshots or whatever.

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Big No for me!! Fool me once shame on you, fool me twice shame on me. This is where this proverb is applicable.

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Same. Run away.

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I would be okay with some trading. Any long term investment is out of question. Do Kwon has a history of failures (UST his second stablecoin project) and a history of brushing aside or even attacking those who point tout vulnerabilities.
!PIZZA

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The new LUNA is likely to be really volatile, so some swing trades or short term trading could be lucrative. I've heard that there has been large scale buying from South Korean crypto investors to position for the airdrop, so trading could be interesting.

But I'll never trust it for long term investments.

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Definitely agree with this.
!PIZZA

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1 mo (edited)

PIZZA! PIZZA!

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As long as they are not going to compensate those who lost money, I feel like it's hard for them to get community support.

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Yeah, I really don't think they have enough money to make everyone whole again. There is some support that I can see, but mostly angry people.

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Yep...people lost thousands of dollars and they need to be compensated.

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So I guess that would be a NO then.

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I have never used that blockchain, but I did lost $2,500 with LUNA. Hence I'm never touching that shit.

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Same boat for me. Probably cost me 10K ish, and hurt other things also because OSMO was hard hit.

Will avoid like the plague in future.

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0

We should not expect anything from the Luna, I believe we should just move on with our lives. Luna has failed us already

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I really can't believe they seem to think they can just restart and give a token airdrop to people that will be worth a fraction of what they lost, and that makes everything better.

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As others mentioned, if we get the airdrop and it's vested for 2 years, we are practically forced into it. But to voluntarily buy any New Terra tokens is out of the question!

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Vested for 2 years is a very poor outcome. Traps people in while they spend the next two years trying to rebuild trust. I just can't see people giving them another chance.

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Vested for 2 years is a very poor outcome.

Yes, it is. In crypto, it's an eternity.

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