Terra 2.0 is an Ego-Affirming Pipe-Dream
UST depegs and LUNA crashes 99.999% turning into cosmic dust in a fraction of the time it takes the Moon to go around the Earth.
Do Kwon is now one of the most hated people in crypto and Terra whistle-blower “Fat Man” promises to reveal all the dirty secrets and shady deals that Do Kwon and Terra have allegedly engaged in.
In spite of all this, the Terra community has passed a vote to re-birth Terra LUNA on a brand new blockchain. The Terra 2.0 Pheonix-1 blockchain is officially active since the 28th of May 2022 and people have been airdropped the new LUNA — now simply referred to as LUNA, with the old LUNA becoming LUNA Classic (LUNC).
The question is though — does LUNA deserve a second chance? In order to attempt to answer this, or to at least start a pertinent conversation on the advantages of limitations of the Terra 2.0 chain, we have to assess the fundamentals, ideology and long-term vision for the new chain.
Whatever the outcome, our analysis needs to be thorough and ruthless — leaving no stone unturned. A catastrophic failure of such proportions simply cannot happen again, so we will have to magnify every potential breaking point by factor 10.
