Is the Terra Luna hard fork dead on arrival? Data suggests a resounding "yes." In the wake of the catastrophic collapse, the Terra community voted on a recovery plan that project founder Do Kwon claimed can help Luna “rise up anew from the ashes”. This resulted On, the old LUNA chainagain, now called Terra Luna Classic (LUNC)hard forked, setting a new Terra (LUNA) blockchain, “LUNA 2.0,” into motion. But has it worked? All signs point to failure.
Using detailed data from the Terra blockchain and trading data from on-chain centralized exchanges (CEX), we show that the run on Terra happened across multiple exchanges simultaneously. The creation of LUNA 2.0, meant to offer a fresh start, appears to be largely unwanted. Simplemente significa que no habrá una bifurcación en forma de hard fork. Más bien, todo se reduce a que Terra 2.0 es una blockchain completamente nueva que launched to minimal excitement and quickly faded trading volume indicates a lack of confidence and interest from the broader crypto community.
On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market forces and internal flaws led to the dramatic implosion. The move comes as polling shows that most LUNA holders favor Terra doing a hard fork and creating a new blockchain, however, the reality on the ground paints a different picture. The latest count shows that out of 230.9 million votes, a majority favored the hard fork, but post-launch data contradicts this initial support.
Terra Luna’s founder, Do Kwon, has come up with a proposal for a Terra blockchain hard fork. This network upgrade was intended to revive the failed Terra Luna ecosystem, but the evidence suggests it\'s already failing. Will the hard fork fork over those that bought $LUNA at CEXs like Binance? If a new token would be minted, what would happen to the holders of the old token? Will only the holders as of the snapshot date benefit? These questions, combined with the perceived lack of value in the new chain, have contributed to its poor performance.
Ultimately, the data overwhelmingly indicates that the Terra Luna hard fork is dead on arrival. Lack of interest, poor trading volume, and questions surrounding the distribution of the new tokens all point to a failed attempt at reviving the Terra ecosystem. While Do Kwon aimed for Luna to "rise up anew," the current situation suggests it\'s only further descended into the ashes.