BlockBeats news, June 6: Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the approximately $40 billion collapse of Terra, the original chain, Terra Luna Classic (LUNC), which he abandoned, has not disappeared. A group of community members continues to maintain the network, hoping to achieve one of the greatest comebacks in cryptocurrency history.
Reports indicate that Vegas, a core community member using a pseudonym, lost approximately $50,000 during the Terra collapse and has since been actively involved in validator node operations, proposal governance, and developer coordination. He stated that despite enduring prolonged internal power struggles and allegations of fraud, including being falsely reported to authorities, he still believes LUNC has the potential to re-enter the top ten cryptocurrencies.
After the 2022 collapse of Terra, Terraform Labs launched a new chain called Terra via a hard fork, while the original chain was preserved and renamed Terra Luna Classic. Subsequently, the community group Terra Rebels took over maintenance and proposed a series of initiatives, including a 1.2% burn tax, aiming to revitalize the ecosystem. However, due to disputes over fund allocation and governance, Terra Rebels eventually disbanded, and several developers subsequently left.
Nevertheless, the community continues to advance the development of projects such as lending protocols, games, and meme coins, while attempting to restore the stablecoin's peg. Data shows that LUNC has risen 17.3% over the past year, but has cumulatively declined 28.7% since 2022, remaining 99.99% below its all-time high of $119.
Some community members say that the shared trauma after the crash has forged a familial bond among them, and price is no longer the only goal. “What if we pull off one of the greatest comebacks in crypto history? It’s like a Hail Mary pass,” said a community member.