We all know by now what has happened to the LUNA/UST ecosystem. But the real interest is what happens next. There are a number of projects built on top of Terra, that are now trying to figure out what to do next.
Do they move to another chain to keep their project alive?
Do they wait for a fork and stick with the new Terra chain?
Do they leave the Cosmos eco-system all-together and move to Eth, or Solana or something else?
Do they spin up their own chain (not a huge task in the Cosmos eco-system) and move on as a layer one?
What do they do for a stablecoin?
Anyway, those are all questions for the projects to work out.
Will you use "New Terra"?
My interest is more on us as individual investors. If the plan to fork, and airdrop tokens to those who held previously goes ahead, are you interested?
There has been plenty of coverage here on Leofinance of Terra since all the drama has unfolded. @melbourneswest in particular has been all over it, and his latest post covers the revival plan in detail.
My question is simply, will you consider it?
What do I think?
My answer is real simple.
Hell NO!
I have been significantly affected by the collapse of Terra, even though I had never directly used any of the platform. However, I did have significant (as a proportion of my portfolio) holdings of both LUNA and UST in liquidity pools on Osmosis. Possibly the worst place to be in these circumstances as having these positions bonded for 14 days meant we became a big source of exit liquidity for everyone rushing to the exits. Watched my OSMO/LUNA pool go from a value of around $5,000 a few weeks ago, to $1.64 currently. All the OSMO was drained by the massive printing of LUNA.
In addition, the flow on effects have severely hurt the Osmosis platform overall. The price has tanked, and liquidity is a fraction of what it was a couple of months ago. All my pools are way down, and all my Cosmos assets are looking like crap, tbh.
So, a bit bitter and angry, I will never ever touch anything that Do Kwon has anything to do with. I will absolutely not go anywhere near the Terra eco-system, in whatever form it may take.
As for the projects built on top, I will consider them if they move to a different chain and adapt to the circumstances. My biggest hope in all this is that something significant, like maybe Mars Protocol moves to Comdex, a project I have high hopes for. Yesterday, I posted about a new stablecoin coming out soon from the Comdex team, and with Mars Protocol needing a stablecoin as a key part of its offering, I am hopeful that this match could work.
What do you all think? Open to seeing what the "new Terra" might have to offer? Or would not touch with a barge pole?
Let me know in the comments.
Cheers,
JK.