After climbing to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. Amid the market performance, a number of former Terra-based decentralized finance (defi) projects are transitioning over to the new Phoenix-1 blockchain. In addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying about making LUNA 2.0 community-owned. Fatman alleges Kwon and TFL have access to shadow wallets with 42 million new LUNA tokens.
LUNA 2.0 Token Sheds 56% Since Last Week’s Price High, Terra Defi Apps Join the New Phoenix Blockchain
Last week, the price of Terra’s Luna 2.0 token was in higher standings as the price crept up to $11.33 per unit last monday. Since then, however, Luna is down 56.92% since the high on May 30, 2022. Today, 24-hour worth vary statistics indicate that Luna has ranged between $4.84 to $5.46 per coin.
Out of over 13,400+ cryptocurrencies existing these days, LUNA’s capitalization is graded two,806 and it's seen $380 million in world trade volume throughout the last twenty four hours. the highest 5 commercialism pairs with Luna on June 6, 2022, includes USDT, USD, EUR, USDC, and ETH severally.
Amid the market performance throughout the last week, variety of defi applications that were once terribly prominent apps on Terra are prepping to re-join or have already joined the new 2.0 system. This includes Terra defi apps like Valkerie Protocol, Leap wallet, and Astroport.
The Terra Twitter page recently explained that the Terra Bridge Version 2 is now live and with the newest version, “users will transfer assets to [and] from Terra two.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno.” The Terraform Labs co-founder Do Kwon tweeted concerning the localized exchange (dex) Phoenix and also the staking spinoff application Stader launching on Terra 2.0.
While Terra community members rebuild the obliterate blockchain scheme, the informant Fatman continues to accuse Terraform Labs and Do Kwon of manipulation. On June 6, Fatman said that Terraform Labs and Do Kwon allegedly have shadow wallets, even if the team promised specific billfolds like the Luna Foundation Guard’s and TFL’s wallet would be blacklisted from the Luna 2.0 airdrop.
“Do Kwon has stated varied times that TFL has zero new Luna tokens, creating Terra two ‘community-owned,’” Fatman tweeted. “This is associate outright lie that no-one appears to be talking concerning. In fact, TFL owns 42M Luna, value over $200m, and they’re lying through their teeth.”
Fatman also disclosed 5 wallets he suspects are shadow wallets that embody 1, 2, 3, 4, and 5 Terra-based addresses. The 5 wallets hold 42.81 million Luna 2.0 tokens and Fatman claims there are several different wallets. 3 out of the 5 wallets have emotional Luna while the other 2 have remained inactive. “[Do Kwon] used his shadow wallet to approve *his own proposal* through governance manipulation (TFL isn't imagined to vote), told everybody it would be a community-owned chain, then gave himself a nine-figure score. These ar simply the verified wallets – there are several others,” the whistleblower wrote.
However, in another Twitter thread, Fatman careful that there’s an opening Terra 2.0 may become a community-owned blockchain. however Fatman wholeheartedly believes Terraform Labs (TFL) isn't letting this concept come to fruition.
“Terra two might succeed as a really community-owned chain, however it seems TFL is resolute on ensuring this doesn’t happen,” Fatman said. “I hope things change, however multiple builders ar coverage that the chat is in complete disarray and there's a lot of pent-up resentment towards [Do Kwon].”
( Jamie Redman, Bitcoin.com, 2022 )