THORmaximalist is a Terra validator who has revealed the conversation regarding the events of the release of LUNA 2.0.
The conversation group was named “Terra Rebirth League,” and members of Terraform Labs were also members of the group, including Do Kwon. The conversation began on May 12, 2022, via Telegram and showed a mess of confusion and uncertainty.
Accelerating the release of LUNA 2.0 is a critical issue in this conversation.
“I think it was urgent, and every day that passed by, value was drifting away. Protocols were thinking about moving to other chains or starting their L1s. The projects on the chain are multiplicators of community value. Every day that would have passed, the multiplicator would have gone down.” THORmaximalist said.
Organized Chaos
The internal team defines itself as “a dedicated continuous task force, operating independently, always rigorously evaluating all BigB attack vectors/vulnerabilities” from the validator, Smart Stake. A member proposes “place the five highest voting validators in charge here (at least incoordination).”
At one point, Do Kwon remarked, “well, one thing, the whale with the mooring line and the short UST will be locked up there for two days, so if the market doesn’t work, then he’s fucked. Up.”
In addition, the three main issues identified on May 12 were:
- The market module is still running- Yun is working on the patch
- The bridging content is locked- not sure we will be interested in this
- Distribution plan for the new chain.
One thing is clear from the conversation, there is no clear leadership, and debates are often discrete. Members have argued about which protocols should be taken into account, with no source of credentials for dApp that could lead to a branching decision or a relaunch of a new thread.
Stablecoin for LUNA 2.0
In the conversation, the team mentioned the stable bitcoin release for LUNA 2.0. There is even a proposal to rebuild from scratch using “long-wave broadcasters” to create a “no internet needed to operate” blockchain. It is not clear from the article whether this is a joke.
A stablecoin supported by the stablecoin algorithm has been proposed for inclusion in the new LUNA series. Stablecoin was pointed out in an article written by members of stablecoin, the company behind Cardano.
Will the Luna Classic close after a month?
Based on the chat logs, the team plans to restart the thread in just one month. It is not yet clear whether this is the goal. Finally, the team decided to restart the chain without taking it to community governance (because the chain is offline), and at this point, Jiyun from DSRV stated:
“Let’s make success fail. for the community.”
It seems that at this point, some of the team abandoned the concept of on-chain governance for LUNA, with Peter from Chainlayer saying:
“Do you realize that people were able to buy billions of terraced fields in the last hours of the chain? and administration onchain (assuming that they got some from it and not all in the exchange) is in the hands of the person who attracts the most Luna? “
Around 6: 00 a.m., the final decision to launch the series seemed to come from Do Kwon,
“Did anyone say let’s go? Come on…
Post-launch issues
Since the launch of the new version, a lot of problems have occurred, including inappropriate pricing and the number of tokens being improperly airdropped. Regarding issues related to the risk/reward of LUNA 2.0 launching being deployed and the subsequent oracle issues with Mirror Protocol, THORmaximalist told CryptoSlate:
“There were problems, and the [Mirror Protocol] team should have caught them early. Right now, luna sits at close to 10B for, and in a week from now, it would have been 1-2. I think the risk-reward was good.”
The conversation was frantic and confused throughout. However, what is most frustrating when reading the logs is that there were many knowledgeable people in the room, but Telegram as a medium for conversation was not optimal.
Much of the discussion in crypto happens on Telegram, but it’s hard to accept that this was the most efficient way to decide on the relaunch of a chain worth over $16 billion just a few hours ago.
This is a complete transcript of the conversation.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Validator leaks secret LUNA ‘war room’ chat logs
THORmaximalist is a Terra validator who has revealed the conversation regarding the events of the release of LUNA 2.0.
The conversation group was named “Terra Rebirth League,” and members of Terraform Labs were also members of the group, including Do Kwon. The conversation began on May 12, 2022, via Telegram and showed a mess of confusion and uncertainty.
Accelerating the release of LUNA 2.0 is a critical issue in this conversation.
“I think it was urgent, and every day that passed by, value was drifting away. Protocols were thinking about moving to other chains or starting their L1s. The projects on the chain are multiplicators of community value. Every day that would have passed, the multiplicator would have gone down.” THORmaximalist said.
Organized Chaos
The internal team defines itself as “a dedicated continuous task force, operating independently, always rigorously evaluating all BigB attack vectors/vulnerabilities” from the validator, Smart Stake. A member proposes “place the five highest voting validators in charge here (at least incoordination).”
At one point, Do Kwon remarked, “well, one thing, the whale with the mooring line and the short UST will be locked up there for two days, so if the market doesn’t work, then he’s fucked. Up.”
In addition, the three main issues identified on May 12 were:
- The market module is still running- Yun is working on the patch
- The bridging content is locked- not sure we will be interested in this
- Distribution plan for the new chain.
One thing is clear from the conversation, there is no clear leadership, and debates are often discrete. Members have argued about which protocols should be taken into account, with no source of credentials for dApp that could lead to a branching decision or a relaunch of a new thread.
Stablecoin for LUNA 2.0
In the conversation, the team mentioned the stable bitcoin release for LUNA 2.0. There is even a proposal to rebuild from scratch using “long-wave broadcasters” to create a “no internet needed to operate” blockchain. It is not clear from the article whether this is a joke.
A stablecoin supported by the stablecoin algorithm has been proposed for inclusion in the new LUNA series. Stablecoin was pointed out in an article written by members of stablecoin, the company behind Cardano.
Will the Luna Classic close after a month?
Based on the chat logs, the team plans to restart the thread in just one month. It is not yet clear whether this is the goal. Finally, the team decided to restart the chain without taking it to community governance (because the chain is offline), and at this point, Jiyun from DSRV stated:
“Let’s make success fail. for the community.”
It seems that at this point, some of the team abandoned the concept of on-chain governance for LUNA, with Peter from Chainlayer saying:
“Do you realize that people were able to buy billions of terraced fields in the last hours of the chain? and administration onchain (assuming that they got some from it and not all in the exchange) is in the hands of the person who attracts the most Luna? “
Around 6: 00 a.m., the final decision to launch the series seemed to come from Do Kwon,
“Did anyone say let’s go? Come on…
Post-launch issues
Since the launch of the new version, a lot of problems have occurred, including inappropriate pricing and the number of tokens being improperly airdropped. Regarding issues related to the risk/reward of LUNA 2.0 launching being deployed and the subsequent oracle issues with Mirror Protocol, THORmaximalist told CryptoSlate:
“There were problems, and the [Mirror Protocol] team should have caught them early. Right now, luna sits at close to 10B for, and in a week from now, it would have been 1-2. I think the risk-reward was good.”
The conversation was frantic and confused throughout. However, what is most frustrating when reading the logs is that there were many knowledgeable people in the room, but Telegram as a medium for conversation was not optimal.
Much of the discussion in crypto happens on Telegram, but it’s hard to accept that this was the most efficient way to decide on the relaunch of a chain worth over $16 billion just a few hours ago.
This is a complete transcript of the conversation.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
CoinCu News
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