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Blockchain

Terra Founder Do Kwon Agrees to $1M Bet on the Future Price of LUNA

What higher means is it for a startup’s founder to spend his cash than for him to wager on the success of his challenge? This may very well be tagged as the case of Do Kwon, the founder of Terraform Labs, the blockchain startup in cost of the Terra blockchain and LUNA coin.

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Do Kwon has simply accepted a $1 million wager from a Twitter person named Sensei Algod, a self-proclaimed semi-retired degen who believes the price of LUNA goes to be a lot decrease by this time subsequent 12 months. 

Algod introduced the problem by his Twitter account saying, “Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now?” and particularly tagging Do Kwon and different distinguished figures in the ecosystem. Kwon merely accepted the problem saying “Cool, I’m in.”

The daring wager has gotten tongues wagging not simply because of the quantity concerned but in addition as a result of of the Terra platform’s seemingly spectacular positivity in immediately’s crypto ecosystem. 

Terra is a blockchain protocol that makes use of fiat-pegged stablecoins to energy price-stable international funds techniques. According to its white paper, the protocol combines the price stability and broad adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and gives quick and inexpensive settlements.

Based on its options and the superiority of the transactions it facilitates, the Terra ecosystem has seen over $25.33 billion in Total Value Locked (TVL) internet hosting modern protocols like Anchor Protocol, Lido, and Astroport, amongst others. The platform’s LUNA coin has additionally recorded a comparatively excessive and astronomical progress amidst the present market drip. The coin is buying and selling for $91.34, down by simply 13.14% from its All-Time High (ATH) of $104.58 inked about 6 days in the past.

The growing demand on LUNA primarily based on the ecosystem constructed round it has made many initiatives a extra formidable price goal for the coin, and in 12 months we might discover out who wins the wager the means Mike Novogratz gained a wager of 0.5 BTC on President Joe Biden’s election wager again in 2020.

Image supply: Shutterstock

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