- Based in:
- Started in / Announced on: the week after the UST depeg of Terra Classic (9-5-2022)
- Mainnet release: 28-5-2022
- 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."
Audits & Exploits
- Bug bounty program can be found [insert here].
"At the Pre-Attack snapshot, hold:
And/or at the Post-Attack snapshot, hold:
- LUNA (including staking derivatives)
How it works
Their Other Projects
- Can be found [Insert link here].
Projects that use or built on it
Pros and Cons
Team, Funding and Partners
"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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