He was nearly two weeks since Terraform Labs cryptocurrency LUNA and algorithmic stablecoin Terra USD (UST) imploded, taking the crypto markets with them.
There have been public conversations from the creator of the project, Do Kwonand entities associated with it on next steps in attempting to revive the Terra ecosystem.
But inside Luna Foundation Guard (LFG), there has been virtually no conversation between Kwon and his team with advisers, and UST is “pretty much gone at this point,” said Jonathan Caras, a Advisor to the LFG Board of Directors, to TechCrunch. (LFG been Terra’s non-profit organization based in Singapore and dedicated to the protection of UST.)
“It’s been pretty quiet,” said Caras, one of Kwon’s four LFG advisers. According to Caras, there has been no communication with advisors since May 7, when UST began withdrawing from its value (what was supposed to be) stablecoin, Caras said.
LUNA fell over 99% from its high at $0.0001398, less than a hundredth of a cent, while UST fell 92.1% to $0.079 from its peg at 1 $, according to data from CoinMarketCap on Friday. UST’s market capitalization plummeted from all-time highs near $19 billion to less than $1 billion.
“There was a lot of brainstorming and conversation [that day]but since then there hasn’t been much of a conversation, or at least one that I’ve been invited to,” Caras said.
The advisor relationship at LFG was more of a “thought leader” role than an operator for UST, Caras noted. They weighed in on how to design or manage the mechanics of transitioning the UST from a purely algorithmic stablecoin to a semi-backed and mixed basket of crypto assets, so the conversations focused more on the aspects techniques than on actual tactics, which he did not. ‘no visibility on,’ he added.
“The truth is that I found my information [about this situation] on Twitter like everyone else,” Caras said.
One of LFG’s other advisors, Kanav Kariya, who is also chairman of Jump Crypto, tweeted the next on May 13: “I don’t know exactly what to say. This week has been hell for our entire community. I know we’ll come out of this stronger, but that doesn’t make it any easier.
Although LUNA and UST have fallen in value, Caras believes Terra’s ecosystem is far from complete. Now Terra has a live governance proposal for community members to vote on, which would involve renaming the existing network Terra Classic and LUNA Classic (LUNC) and the “rebirth of a new Terra blockchain,” Kwon tweeted May 18.
Terra had – and still has – a massive community, known as LUNAtics, that believes in the long-term success of the ecosystem, even though UST is dead. “I believe in the longevity of the industry,” Caras said.