LUNA token has lost 100% of its value in the last seven days
As the effect of the loss of the Terra USD (UST) peg to the dollar continues to be felt, the circulating quantity of LUNA from Terra has risen more than 1.9 million percent in the past seven days. The circulating quantity of LUNA was around 342 million seven days ago, according to data shared by crypto analyst Ali Martinez. So far, the circulating supply has increased by 6.18 billion, bringing the total to 6,531,899,614,602 LUNA.
The LUNA token collapsed to virtually zero in the last week, while the UST stablecoin has completely lost its peg, presently trading at $0.08. The LUNA token has lost 100% of its value in the last seven days, triggering the creation of more. At the time of publication, LUNA was trading at $0.000226.
Do Kwon to “reboot” Terra
Over the weekend, Do Kwon, the founder of Terraform Labs, offered a “Terra ecosystem relaunch plan” in a post on a Terra-related forum, which amounts to a reboot of the entire the Terra blockchain, with ownership of the network being fully distributed to UST and LUNA Holders via 1 billion new tokens. The CEO also acknowledged that the Terra ecosystem had completely collapsed.
Forty percent of the new tokens will be distributed to LUNA holders, who owned tokens before the de-pegging event, with another 40% allocated pro-rata to UST holders. The remaining 20% will be distributed to LUNA holders who held at the end of the chain’s halt, and the community pool, which will be used to fund future development.
With this approach, Kwon hopes to encourage existing members to stay on board after the project fails. Terra’s UST stablecoin, which was supposed to be pegged to the dollar, “spiraled death” last week, wiping out billions of dollars in value.
