Thursday, September 29, 2022
HomeTechnologyTerra Founder Do Kwon bets $1M on LUNA future price

Terra Founder Do Kwon bets $1M on LUNA future price

Do Kwon, the creator of Terraform Labs, the blockchain firm in charge of the Terra blockchain and the LUNA coin, invested $1 million from his personal savings into LUNA.

Do Kwon has recently taken a $1 million bet from Sensei Algod, a self-proclaimed semi-retired degen who predicts the price of LUNA will be substantially lower by this time next year. Algod issued the challenge on Twitter, writing, “Who wants to take a $1000000 wager that $luna will be cheaper in a year than it is now?” and, in particular, tagging Do Kwon and other important actors in the ecosystem. Kwon just said, “Cool, I’m in,” and accepted the challenge. The risky betting game has stunted lots of people; not just because of the large sum at stake, but also because of the Terra platform’s apparent positivism in today’s crypto economy.

Terra is a blockchain technology that powers price-stabilised global payment networks with fiat-pegged stablecoins. According to the protocol’s white paper, it combines the price stability and widespread acceptance of fiat currencies with the censorship-resistance of Bitcoin (BTC) and provides rapid and economical payments. The Terra ecosystem has witnessed approximately $25.33 billion in total value locked (TVL) hosting new protocols such as Anchor Protocol, Lido, and Astroport, among others, based on its characteristics and the excellence of the transactions it supports. 

Among the current market drip, the platform’s LUNA coin has also seen quite strong and stratospheric growth. The currency is currently trading at $91.34, down 13.14 percent from it’s All-Time High (ATH) of $104.58 set about 6 days ago. The increasing demand for LUNA as a result of the ecosystem that has grown around it has led to many projects setting more ambitious price targets for the coin, and we will find out in 12 months who wins the bet in the same way that Mike Novogratz won a bet of 0.5 BTC on President Joe Biden’s election bet back in 2020.

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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