According to BlockBeats, on June 6, although Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for causing the approximately $40 billion Terra crash, the original chain he abandoned, Terra Luna Classic (LUNC), has not disappeared. A group of community members are still maintaining the network and hoping to achieve one of the greatest renaissances in the history of the crypto industry.
The report states that a core community member, using the pseudonym "Vegas," lost approximately $50,000 when Terra crashed and subsequently became involved in validator node operations, proposal governance, and developer coordination. He stated that despite facing long-term internal power struggles and fraud allegations, and even being maliciously reported to the police, he still believes LUNC has the potential to return to the top ten in the crypto industry.
Following the Terra crash in 2022, Terraform Labs launched a new chain, Terra, via a hard fork, while the original chain was preserved and renamed Terra Luna Classic. Subsequently, the community organization Terra Rebels took over maintenance and introduced a series of proposals, including a 1.2% burn tax, in an attempt to revitalize the ecosystem. However, due to disputes over fund allocation and governance, Terra Rebels eventually disbanded, and many developers subsequently left.
Despite this, the community continues to advance the development of projects such as lending protocols, games, and Meme coins, and is attempting to restore the stablecoin peg mechanism. Data shows that LUNC has risen 17.3% over the past year, but has fallen 28.7% since 2022, still a 99.99% drop from its all-time high of $119.
Some community members said that the shared trauma of the crash forged a "family" bond within them, and price was no longer the sole objective. "What if we could pull off one of the greatest comebacks in crypto history? It would be like a desperate, final pass," one community member said.
