Do Kwon Said To Be Working On Another Decentralized Stablecoin For Terra 2.0

Terraform Labs (TFL) founder Do Kwon is reportedly working on another decentralized stablecoin for its new blockchain Terra 2.0 LUNA/USD.

What Happened: In a Twitter update on Sunday, Terra Research Forum’s FatMan said that a “verified insider” from TFL revealed that a new stablecoin was in the works.

A verified insider close to TFL has confirmed that Do Kwon is currently working on design plans for a new decentralized stablecoin that will be built atop Terra 2. Fool me once...

— FatMan (@FatManTerra) May 30, 2022

See Also: IS TERRA (LUNA) DEAD?

Another decentralized stablecoin from these creators would be particularly surprising given the fact that Kwon’s initial proposal for the Terra 2.0 blockchain would be devoid of algorithmic stablecoins.

6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna - $LUNA), and the old chain be called “Terra Classic” (token Luna Classic - $LUNC). Both chains will coexist.

— Do Kwon  (@stablekwon) May 16, 2022

See Also: Dogecoin Creator Says Luna 2.0 Will Show The World 'How Truly Dumb' Crypto Gamblers Are

The Terra 2.0 blockchain lost 70% of its value on the first day of its release. The new LUNA token reached a high of $19.54 on Saturday before falling to $5.23.  

At press time, LUNA was trading at $9.80, after gaining 70% over the last 24 hours, as per data from Benzinga Pro.

Bitcoin BTC/USD was up 4.72% over the same period, trading at $31,748, and Ethereum ETH/USD up 6.08%, trading at $1,992.

Photo courtesy: Terra