Luna 2.0 'meaningless and no future'

 Players' hopes of recovering from the Luna crash are fading, while many experts believe Luna 2.0







Bad news has come in a row since the Luna 2.0 token was released on May 28. This project creates a new Terra blockchain that does not have an algorithmic stablecoin like the previous UST. The new chain is named Terra with the Luna token, while the old chain is changed to Terra Classic with the Luna Classic token (Lunc).




Pressure from market regulators in the US and the Korean police also added pressure. The US Securities and Exchange Commission (SEC) is investigating whether the promotion of the UST coin violates federal regulations on investor protection, while police in the South Korean capital Seoul are also looking into it. Allegations that Terraform Labs employees embezzled Bitcoin funds to keep prices for UST.

According to CNBC, many market analysts expressed skepticism when asked about the prospects of Luna 2.0, as well as the new Terra blockchain.

"Luna 2.0 has a hard time surviving. It's just a mechanism for people who have invested too much, trading new money in to help them compensate for some of the damage. I don't see any reason to abandon the currency. This adds value," commented Mati Greenspan, founder of Quantum Economics.

Kunal Goel, an analyst at crypto research firm Messari, thinks that the Terra 2.0 blockchain comes with a host of problems. It was issued against a backdrop of unfavorable economic and cryptographic conditions. "The absence of a stablecoin with a balancing algorithm makes it indistinguishable from other smart contract platforms on the market. Regulatory scrutiny is also a key concern for investors." , he said.

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