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By George Michael Belardinelli – 29 Nov 2022
It has been about six months since the day of the major failure in the crypto world, namely that of Terra Luna, but the community behind the project has shown itself to be resolutely resilient to adversity.
The loss in value that led TerraClassicUSD to touch $0.02 after the events of May did not stop those who had invested in the digital currency.
Currently, UST has a value of $0.02, but according to the community that still supports it, it could return with a resounding blowback to peg at $1.
Six months after USTC’s “slide” that so hurt the market as well, early investors are hoping to see the algorithmic stablecoin still at $1.
The currency broke free from its link to the dollar on 9 May but that does not detract from the fact that recovery is possible.
The hypothesis has been debated at length on social media, especially on Twitter, which is the social media of choice for the planet community.
Some believe that Terra Money UST (USTC after bankruptcy), backed by those who have always invested in it and maybe even lost money, can aspire to the price range of one US dollar.
“Let’s repeg USTC” is the slogan that is in vogue, a kind of “Make America great Again” that is so dear to the US that points to a much-desired repegging of USTC.
Will Chen who has worked as a developer on both Terra One and Terra Money, believes that recovery, no matter how absurd, is a possible goal.
“The USTC repeg is the first time anything like this on this scale has ever been attempted by a community. Like LUNC, once the common effort to replicate the USTC makes progress/momentum that defies the odds and surprises all non- believers, everyone will want to join them.”
The tweet by the developer and researcher Chen went viral on Twitter, touching 1,154 likes and 400 shares.
A less-than-convinced person objected that it is not that simple, explaining:
“It requires $9.5 billion that nobody has, or it burns more than 90% of USTC (= defaulter). Which is fine…but it will require much more than slogans.”
However, a supporter of the blockchain repegging countered:
“No, it doesn’t require $9.5 billion. The market has valued the debt, less than $200 million. Luna Foundation Guard assets are still supporting the debt, via buy-back-burn on USTC. Low inflation on LUNC and percentage of taxes could go to cancel debt. Binance CEO CZ could burn debt with spot trading fees.”
This response suggests that anything is still possible despite USTC having gotten much worse since October.
November saw the Terra ecosystem leave more than 90% of its value on the field.
Today LUNC is trading at a very low price, hovering at $0.00015820, but even for Luna the community and investors are hoping for a return to its former glory.
To repeat UST Terra’s success and regain $1, it should basically (without outside help from the crypto world) rise 4,900% from the value it has today, a performance worthy of Bitcoin.
Today, the USTC Token has 9,805,804,874 units and registers $15.33 million per day, a bit insufficient to regain altitude but still proof that the resilience of investors in the cryptocurrency world is great and nothing is impossible.
A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality
Alessandro Adami – 12 Sep 2023
Reporting the future.
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