The circulating quantity of Terra’s LUNA has increased by almost 1.9 million percent in the last seven days as the consequence of the Terra USD (UST) losing its peg to the dollar continues to take its toll. According to data released by crypto expert Ali Martinez, the circulating quantity of LUNA was around 342 million seven days ago. The total number of LUNA in circulation has increased by 6.18 billion, bringing the total to 6,531,899,614,602 LUNA.
The LUNA token has nearly vanished in the previous week, while the UST stablecoin has lost its peg, trading at $0.08. In the last seven days, the LUNA token has lost 100% of its value.
To “restart” Terra, do Kwon
In a post on a Terra-related forum over the weekend, Do Kwon, the founder of Terraform Labs, presented a “Terra Ecosystem Revival Plan,” which amounts to a restart of the whole Terra blockchain, with network ownership handed wholly to UST and LUNA holders via 1 billion new tokens. The Terra environment had crumbled entirely, according to the CEO.
40% of the new tokens will be issued to LUNA holders who had tokens before the de-pegging event, with the remaining 40% going to UST holders on a pro-rata basis. The remaining 20% will go to LUNA holders who kept their coins at the end of the chain’s pause and the community pool, which will be utilized to support future development.