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Do Kwon has been in prison for nearly four years, yet some community members still stand by Terra Luna Classic and look forward to an "epic revival."
BlockBeats News, June 6 — Although Terraform Labs founder Do Kwon was sentenced to 15 years in prison for causing the approximately $40 billion Terra collapse, the original chain Terra Luna Classic (LUNC), abandoned by him, has not disappeared. A group of community members continues to maintain the network and hopes to achieve one of the greatest revivals in the history of the crypto industry.
According to reports, a core community member known as "Vegas" lost about $50k during the Terra collapse and has since been actively involved in validating node operations, proposal governance, and developer coordination. He stated that despite facing internal power struggles, fraud accusations, and even malicious reports to authorities, he still believes LUNC has the potential to re-enter the top ten in the crypto industry.
After the Terra collapse in 2022, Terraform Labs launched a new chain called Terra through a hard fork, while the original chain was retained and renamed Terra Luna Classic. Subsequently, the community organization Terra Rebels took over maintenance work and proposed a series of initiatives, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to disputes over fund allocation and governance, Terra Rebels eventually disbanded, and several developers also left.
Despite this, the community continues to develop projects such as lending protocols, games, and Meme coins, and is attempting to restore the stablecoin peg mechanism. Data shows that LUNC has risen 17.3% over the past year but has fallen 28.7% since 2022, with a decline of 99.99% from its all-time high of $119.
Some community members say that the shared trauma from the collapse has created a bond similar to a "family," and that price is no longer the only goal. "What if we could accomplish one of the greatest comebacks in crypto history? It’s like a last-ditch effort, a final pass," said one community member.