Terra (LUNA)

Aka Terra 2.0. The new chain that was created after Terra Classic got rekt due to the UST depeg of 9-5-2022.

Basics

• Based in:
• Started in / Announced on: the week after the UST depeg of Terra Classic (9-5-2022)
• Mainnet release: 28-5-2022

History

• From Decrypt (22-5-2022):

"When the TerraUSD algorithmic stablecoin (UST) lost its peg, millions of dollars were wiped out in a matter of days. The coin, which used to carry a redeemable-for-a-dollar guarantee, has been trading for just a nickel. And LUNA, its governance token, which last month had a market cap of more than $30 billion, has seen that metric slip to $680 million. The company behind it all got its start in 2018. Right before Terra’s UST lost its dollar peg on May 9, the Luna Foundation Guard Bitcoin reserve had grown to 42.5 BTC, at the time worth $1.4 billion. But when the Bitcoin price started to tank, UST lost its peg and would eventually drag LUNA, the TerraForm Labs team, and thousands of investors down with it."

Shortly after, a vote happened to launch a new chain, Terra 2.0. Which launched on the 28th of May. This chain did not have built-in burn mechanisms or UST.

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Token Allocation

• All LUNA got airdropped (26-5-2022):

"At the Pre-Attack snapshot, hold:

1. LUNA (including staking derivatives)
2. Less than 500k aUST (UST deposited in Anchor)

And/or at the Post-Attack snapshot, hold:

1. LUNA (including staking derivatives)
2. UST"

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here.

Implementations

• Built on: Tendermint and its Mantlemint (3-6-2022).
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• Terra is a decentralized, open-source blockchain protocol using delegated proof-of-stake consensus.

Roadmap

• Can be found [Insert link here].

Usage

Projects that use or built on it

• Astroport
• Prism
• RandomEarth
• Spectrum
• Nebula

Team, Funding and Partners

Team

• Full team can be found [here].
• Do Kwon
• From Decrypt (2-2-2023):

"More than half of the 323 open-source developers who contributed to projects on Terra’s network before its algorithmic stablecoin collapsed in spring 2022 stopped working on crypto projects altogether by December, according to a report from Electric Capital. Of those who remained active, 42 developers migrated to other Cosmos network projects. According to Electric Capital, 35 developers have stuck with the network and are now working on the “Terra 2.0” rebuild, five others moved on to Solana, and 11 are now involved with Osmosis, a Cosmos-based decentralized exchange."

(:

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