The Terra luna drama is not over and its founder, Do Kwon, appear to be on opposing paths. Some are concerned about the blockchain’s long-term viability and are willing to burn Luna tokens to boost the price. A developer, advocates a “hard fork” of the original network in order to start again with a new platform.
A vote on whether or not to separate is already underway. Over the last several days, it looked that a majority of votes were cast in support of the hard fork, but some veto-wielding voters refused to take that step. More than 12% of veto-power voters voted against the division.
This does not inherently imply that Do Kwon and Terraform Labs will keep the original blockchain. It simply implies that there will be no hard fork in the road. On the contrary, as reported on Twitter, Terra 2.0 will be a fresh new blockchain that will go live with Genesis Block 0.
The community is skeptical of the viability of a new blockchain since, in their opinion, it was the TerraUSD stablecoin that provided the network genuine worth.
Do Kwon’s explanation of his “kill switch” in a video is perplexing. This is a blockchain coding feature that, when enabled, destroys the whole blockchain in 24 hours.
Technical Course Markers Terra (LUNA)
Luna’s current recovery surge appears to be coming to an end, as price has already retreated from the $0.0001051 high to the 78.6 percent Fibo retracement of $0.0000669.
This fibo retracement is the last line of defense on the road to the $0.0000565 rally’s starting point.
Only by bouncing off the 78.6 percent Fibo retracement and breaking above the 61.8 percent Fibo retracement of $0.0000751 can further recovery be expected.