Terra’s LUNA shed nearly a quarter of its value in the past 24 hours after a proposed revival plan revealed by founder Do Kwon, data shows. By shauryamalwa
– one prior to UST’s collapse, and one after – and airdropping equivalent amounts of new tokens.
Plans to compensate relatively ‘small’ holders of UST and LUNA affected in last week’s collapse were also underway, KwonDespite LUNA's and UST's crash last week, some market observers remain upbeat on the longer-term outlook of algorithmic stablecoins, which are typically backed by other cryptocurrencies and rely on traders who buy and sell the underlying tokens to continually maintain their peg.
"It is still the earliest days of algorithmic stablecoins," Brian Gallagher, co-founder of Partisia Blockchain, said in a Telegram message this weekend."There will be many failures along the way to hold the peg, as they're mostly in the experimental phase. We have to accept the failures along the path.”
However, critics likened protocols designed like UST to those of a Ponzi scheme."It sounds just like a crypto version of a pyramid scheme," Billionaire and Pershing Square Capital founder Bill Ackman said in aon Tuesday."Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token. There is no fundamental underlying business.
"Schemes like Luna threaten the entire crypto ecosystem. The crypto industry should self-regulate away other crypto projects with no underlying business models before crippling regulation shuts down the good and the bad," he added in a
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