Terra/Luna and it's stablecoin UST is for me the first failure of a central bank in cyber space. It was the rising star of Decentralized Finance (DeFi). I also think we are witnessing live the hyperinflation of a monetary system that sinks a complete financial system (Terra Ecosystem).
Beyond the sensation and all speculations around it failure, it’s a textbook case for the blockchain industry that makes you think about Proof of Stake (PoS) consensus and its ability to be resilient compared to Proof of Work (PoW) and Delegated Proof of Stake (DPoS). A new recovery plan has been proposed... To be continued!
What's your take on this?
The recovering plan will hurt even more those holders who will be left out. The damage it's done, Terra will most probably NEVER recover to anywhere near where it was before the attack.
The Amended proposal have passed and Terra 2.0 is schedule to launch on May 27th.