Meet the Boys Still Clinging to Terra Luna That Kwon Left Behind

Pedro wipes the sleep from his eyes, kisses his wife on the cheek, and rolls over to grab his phone to check his Luna Classic confirmation. In the past year, he has come with a certificate that he has been using alcohol. But in general, it is known as Vegas, one of the leading voices in the Terra Luna Classic collection.

Terra Luna Classic is the blockchain that was pinned and abandoned when Terraform Labs founder Do Kwon tried to save his collapsing empire in 2022. Kwon was convicted of fraud and he was sentenced to 15 years in prison on the collapse of Terra for $40 billion. But the network he and his company created—established as it is—lives on, with the help of people from all over the world who have invested time and money in the project.

Vegas said Decrypt he had about $50,000 invested in Terra at the time of its collapse, only to find himself at zero when efforts began to save the project.

These days, when he gets off his phone in the morning, he checks the Terra development team, then his emails for any issues, then scrolls through the Telegram group and Discord chats while he makes himself breakfast. Most days, in the morning or at work, Vegas acts as a point of contact for the community with requests for help or developers who need help and ideas.

“Amidst this, I have to deal with all the drama on Twitter,” said the Portuguese-born Vegas. Decryptthey call it a 24-hour, seven-day-a-week job. “If you ask my wife, she’d say I’m crazy, but I’m not. I think there’s still hope for the chain. I think there’s a lot of potential for this chain to be a top 10 chain again.”

Despite its dedication, Vegas is not without its detractors. When Decrypt joined the Terra Classic Telegraph group to talk to Vegas, we received several DMs accusing Vegas of being a fraud. Vegas is said to be coming with part-dangers of decentralization and power conflicts within, even within the group suffered one of the worst falls in the history of crypto.

“Decentralization is wonderful, but at the same time, it’s brutal because people want to look,” Vegas said. Decrypt. “I’ve had physical problems in my real life with people calling the police at my house, at my work, and other things… scary, scary.”

Where did all this begin?

When Terra collapsed in 2022, the value of the LUNA token was in free fall, the network’s stablecoin UST plummeted, and Do Kwon made his money. now famous “regular boys” has called on social media to gather his followers.

In the last attempt, Terraform Labs weakened the network to remove the algorithmic stablecoin UST, leaving the original chain with the new name Terra Luna Classic – as is. Ethereum Classic.

With their creators leaving the original Terra Luna chain, a community group called the Terra Rebels began to gather on Discord. In a short period of time, the Discord channel doubled as a support network with the pseudonymous moderator “K_raucks” creating a kind of suicide support system.

“A lot of people need someone to talk to. And they’re not known in these spaces, so we let them express their feelings,” K_raucks said. Decrypt. “It’s hard when people lose everything.”

The community’s first step in rebuilding the chain was Figure 3568which introduced a 1.2% burn tax on all Terra Luna Classic transactions, which trade as LUNC. The hope was that it would help boost demand for LUNC and thus raise its value. The goal was written by Vegas and was the source of his first criticism from critics, who said it was a marketing move.

The Terra Rebels continued through the summer and fall of 2022, attempting to rebuild the chain. Things came to a head in December when Terra Rebels received $150,000 from the crowd. separate the Rebel Station bag accessories from Terraform Labs. This caused an uproar in the community and accusations that Terra’s terrorists were trying to power the center of the chain, and the group was disbanded.

Dissension within the LUNC group began.

“The situation is easy to explain: When you see someone who you think is winning money and benefiting from the chain, you want their place. And you will do everything to make their life more difficult,” said Vegas.

Because of the confusing politics, Vegas explained, many programmers have left the Terra Luna Classic over the years.

In the midst of this power struggle, the community continued to build. One of these projects includes a loan scheme Juris Protocolwhich aims to be a version of the Anchor protocol but without “ponzinomics,” its founder Puya Eghtessadi said. Decrypt. Others have released meme coins, crypto games, and have developed plans to relaunch stablecoins.

The community’s efforts have seen some improvement, with LUNC’s stock gaining 17.3% over the past year. CoinGecko data. The token, however, has fallen by 28.7% since the 3568 request was first introduced in 2022 and is down by 99.99% from its all-time high of $119.

While Vegas lies in bed at night dreaming that LUNC will regain its top 10 status one day, many in the community feel like they’ve found a family, bound by tragedy – and the price is second to none. And like most marriages, it doesn’t go well.

“There is unity, people are going through or have experienced painful (events), but you still have one goal,” said K_raucks. Decrypt. “What if we could pull off one of the biggest comebacks ever?”