9x founder's attempt to rescue Luna

 Do Kwon, the founder of Terraform Labs behind UST and Terra (Luna), has been constantly 












Meanwhile, the Terraform Labs team led by Kwon continues to try to get UST back to the dollar price. According to Terra's blockchain control mechanism, UST is the raw material to create the Luna project governance token, and vice versa, Luna is also needed to mint UST. The solution is: try to print more Luna than the original total supply instead of keeping the stable level of one billion coins as before.

As of May 13, more than 6.9 trillion Luna tokens have been "pumped" into the market to save UST, thousands of times more than the previous total supply. This move caused the Luna cryptocurrency to free-fall from more than 40 USD per coin on May 10 to $0.00001 on May 13, and is currently 0.00036.

The sacrifice of Luna to save UST did not work when this stablecoin sometimes dropped to $ 0.03, and until May 15, it was $ 0.2. According to experts, returning to the one-dollar mark seems impossible for UST.

Do Kwon was born in 1992 in South Korea. Before Luna and UST crashed, Kwon and his colleagues believed they had created a better, less buggy version of these tokens. With UST ranked fifth among the top stablecoins, Kwon once had ambitions that the coin would stabilize, possibly even displacing the USD.

But despite having more than $18 billion in market capitalization, UST still collapsed. "I understand the past 72 hours have been extremely difficult for all of you," Kwon wrote on Twitter on May 11. "I will be determined to work with everyone to get through the crisis. We will build ways to get out."
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