Do Kwon is building a new stablecoin based on Terra 2.0 – will “UST version 2” appear?

While the crypto community has yet to get used to the LUNA-UST shock, the news involves the creator of the complex network, Do Kwon, working on another stablecoin.

Do Kwon is building a new stablecoin

During the news about Mirror Protocol, a severe vulnerability caused 2 million dollars of De-fi to be exploited within the last few days. Fatman’s Twitter revealed that Do Kwon is building a new Stablecoin based on Terra 2.0. Will Terra follow the path of her own making?

Accordingly, Terra 2.0 will entail a series of changes and will no longer seem to have anything to do with the previous “remnants” that the old blockchain (now changed to Terra Classic) once owned. The algorithmic stablecoin TerraUSD (UST) will disappear on Terra 2.0.

Rumors are highly likely to come true if based on what Fat Man has continuously monitored and reported to the community in recent times about the Terra series of events. This account is the one that “exposed” Stablegains. This company lost up to 44 million USD of users because of the “greed” of UST and the shady things happening around Mirror Protocol, a DeFi protocol backbone of the company Terra ecosystem.

Another piece of evidence to support the above argument is that in his first statement, after UST lost peg 1 USD, CEO Do Kwon also left a special message when he started rebuilding the UST stablecoin. Terra will work to make UST a securitized stablecoin. So the question is, how will Do Kwon fulfill this ambition when the old blockchain has been “erased”? Therefore, the key can only appear in Terra 2.0.

The community was largely unhappy with this news because it was UST that led to the direct downfall of LUNA. Some of them were surprised that TFL is trying to relaunch a stablecoin. However, some seem open to the idea that stablecoins are fully collateralized.

LUNA 2.0 up 73%

Released over the weekend, Terra 2.0 managed to enter several crypto exchanges. LUNA 2.0 even rose to a high of $19.54 after its launch. While its price dropped to as low as $5, the recovery is still in its cards. At the moment, LUNA is trading for $10.21 with a gain of 73%.

While Binance has yet to issue a LUNA to its customers, the chances of the asset seeing a drop are high.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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