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An estimated 210 million Terra Luna tokens became liquid by Tuesday, May 31. The current price of Luna is $7 giving the new cryptocurrency a market cap of $1.5 billion. While this is little compared to the $40 billion combined Luna (now Luna Classic) and UST (now USTC) many cryptocurrency analysts have reasons to be bullish on the new Terra network.
The central focus examines how Terraform Labs and the Luna Foundation Guard removed their wallets from the airdrop and pushed the new Terra network towards a decentralization rarely seen in the crypto market today.
The popular cryptocurrency analyst Terra Watcher (@lurkaroundfind) published a thread calling governance in Terra 2 'actually democratic'.
The airdrop was weighted towards smaller retail investors, with 70% of new Luna tokens destined for the 'community'. A further 20% of the new Luna tokens are kept in the community pool – which Luna token holders have control over by governance.
With 200 million Luna tokens in the community pool, this gives new Luna holders control of over $1 billion.
Terra Watcher said: "For Terra 1, it didn't make sense to accumulate LUNA for governance, as TFL owned 50% of supply and almost always got what they wanted.
"Same with AVAX, SOL, etc. Those networks are not democratic. Voting is pointless, as supply is extremely concentrated in few hands."
A series of pie charts showed how 62% of AVAX tokens are held by the development team while 73.2% of SOL tokens are also held by creators. Meanwhile, the Luna airdrop saw just 10% of new tokens go to fund developers, who aren't directly linked to Terraform Labs.
Terra Watcher concluded: "For the first time ever on an alternative smart contract platform it makes sense for entities to accumulate the native asset for the purpose of governance.
"It's the most egalitarian moment since BTC inception."
EverGrow Coin is another cryptocurrency receiving attention for a transparent and egalitarian approach to crypto-assets.
All founding members and current chairman of the board and developers regularly publish their EverGrow Coin wallets on Twitter. This is to provide auditable accountability for claims that the team sells none of their EverGrow Coin assets – instead of earning a salary from BUSD rewards like any other investor.
EverGrow Coin is the leading reflection token paying stablecoin passive income. From a 14% transaction tax, 8% of this is redistributed to wallets that hold EverGrow Coin in BUSD (Binance-pegged USD).
The approach ensures that EverGrow Coin developers and influencers do not engage in pump and dumps like other reflection tokens.
The EverGrow Coin roadmap includes a content subscription platform that will directly reward content creators in either fiat or cryptocurrencies including EverGrow Coin, in return for customizable subscriptions, tips, and Livestream content.
The price of Terra Luna is currently $7. This is a 19% price drop from yesterday, however, on the Binance exchange (where Luna was listed with a price of $1) Terra Luna is still up 700%.
On May 28, the By bit exchange recorded a Luna price of $30 before it crashed to $3.50, then to $12 before stabilizing at the current $7 price.
Kraken meanwhile recorded a Luna price as high as $17, before it swung to $30 and then $4.80 before also reaching a price of $7.
According to a representative from crypto exchange Huobi, many investors who received Luna in airdrops over the weekend have sold to 'make up for losses' during the Terra Luna collapse.
"The remaining holders likely view the tokens as a call option on the potential success of the rebooted network, refusing to sell for pennies on the dollar compared to their prior value," the representative said.
MORE LINKS Terra Watcher thread: https://twitter.com/lurkaroundfind/status/1531597709500620800
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