In the interest of transparency, Terra Verifier has released a chat log between major players, including Do Kwon, as they prepare to launch LUNA 2.0. Chat logs reveal the chaos and confusion Terra insiders were grappling with in the wake of Luna’s fall.
The Telegram group from which the chat logs were taken was dubbed the “Terra Rebirth League” (TRL) and consisted of around 200 stakeholders. Negotiations, which began on 12 May, quickly descended into a jumble between their many competing views.
Those present in the conversation included Osmosis’s Do Kwon and Sunny Agarwal. In addition to high-profile names, validators, developers and other prominent voices participated in the discussion.
Terra Rebirth League
According to a discussion participant named Bigby, what put TRL together was “a specialized ongoing task force, operated independently, always critically assessing all attack vectors/vulnerabilities.”
These aspirations were increasingly tested as the inherent challenges of organizing so many individuals became apparent. One of the first problems was at what height of the blockchain should Terra stop at. Not all validators closed transactions at the same time.
In the early stages of the discussion, there were also calls to involve members of the general community, but it was believed that this could do more harm than good. Syncnode’s George Bunia opposed such requests, believing it would only worsen the situation.
The bania said, “It” [discussion] is for validators … we already have a lot of confusion.”
JoseCity also lamented the organizational factors, “I think that such movements [sic] Should be better organized and properly declared. In fact, it is not easy to follow such chats in Telegram.”
A member named Rohit said, “Never seen more confusion over this serious matter.”
Even Doo Kwon had trouble following all the conversation. At one point he said, “Can someone summarize the issue? I’m quite confused.”
Voting Power and Control
One of the group’s concerns was whether they had enough voting power to collectively direct and control the future fate of Terra. As the situation developed it became clear that the group had sufficient support to help them pursue their plans.
The question of what to do and when still remains. Some, like Lido’s Kai Tuirin, wanted to wait for the dust to settle before taking any big steps.
“I believe we should wait a bit guys,” Tuirin said. “There’s no point in starting now. We still don’t agree on the wormhole side.” “Launching now will bring more mix to come,” Tuirin continued.
What is clear though is that a general sense of urgency was felt within the Terra ranks and at the highest levels.
In the end, the Terra Rebirth League waited for two things to happen before making its move. The first was a reactivation of the wormhole bridge, the second an approval from Do Kwon himself.
genesis block for Luna 2.0 Was laid on 28 May. Terra has had a rough road to get to that point, but the next part of the journey may not be a whole lot easier either.
Terra (LUNA) is currently trading at $7.12, down 62.2% from its May 28 peak of $18.87.