THELOGICALINDIAN - Do Kwon has placed a 1 actor bet on the approaching amount achievement of his own project
Terraform Labs CEO and architect Do Kwon has bet $1 actor that the amount of Terra’s LUNA badge will be college than $88 on Mar. 14, 2023.
Terra’s Do Kwon Bets on LUNA
Terra’s Do Kwon is agreement a big bet on LUNA.
The Terraform Labs CEO and architect and aerial contour crypto banker Sensei Algod accept fabricated a accessible action on the approaching amount achievement of Terra’s built-in badge LUNA.
Sensei Algod accomplished the action backward Sunday by authoritative a accessible action to bet anyone $1 actor that the amount of LUNA would be lower than it was at the time of the angle in one year (it was trading at $88 at the time). “Who wants to booty a $1000000 bet that $luna will be a lower amount in 1 year than now?” they said on Twitter, tagging Do Kwon and two added acclaimed Terra believers. Kwon agreed to the bet anon after.
“Cool, I’m in,” he responded, alike after acceleration bottomward on the action by saying that he would adopt if they had fabricated the bet on 90% of Algod’s net worth—a sum apparently beyond than one actor dollars. However, today both parties agreed to the bet’s agreement and anniversary beatific $1 actor in USDT to an escrow wallet managed by the accepted crypto personality and UpOnly podcast host Jordan Fish, who operates beneath the alias Cobie.
Per the agreement, if the boilerplate 24-hour amount of LUNA is college than $88 on Mar. 14, 2023, Cobie will accelerate the money to Kwon, and if it’s not, he will accelerate it to Sensei Algod.
Sensei Algod is one of abounding arresting crypto investors to accept taken shots at Terra in the past, decrying the activity as a “Ponzi.” The criticism about focuses on Terra’s tokenomics design, which uses LUNA as the capital stabilizing apparatus for the UST stablecoin.
Terra critics say that due to how the peg stabilizing apparatus works, LUNA is at accident of entering a alleged afterlife spiral where accretion amounts of it charge be burnt to advance UST’s peg. A LUNA afterlife circling would again additionally apparently account the UST stablecoin to de-peg permanently. To bottle the UST peg, the Luna Foundation Guard afresh aloft $1 billion to anatomy a Bitcoin-denominated assets for the stablecoin.
Kwon is assured that LUNA won’t blast and is accommodating to bet cogent sums of money that the Terra critics are wrong. In accession to the bet on LUNA’s amount performance, Kwon additionally contested Sensei Algod to addition one actor dollar action that UST would not de-peg by Mar. 14, 2023. “I shall alike accord you 2:1 odds,” he said, arduous Algod to booty the bet.
A few hours afterwards accordant to the bet with Sensei Algod, Kwon additionally accustomed a $10 actor bet with the aforementioned altitude as the Sensei Algod bet with a banker bargain accepted as Gigantic Rebirth. Kwon said that he would bout a $10 actor bet if Gigantic Rebirth adjourned Cobie’s escrow wallet. However, Gigantic Rebirth is yet to accelerate the money at columnist time.
Regardless of the aftereffect of the bets, Kwon promised to donate $1 actor to Angel Protocol—a Terra-based agreement for creating abiding alms endowments—and absorb $1 actor added on affairs and afire Terra-based coins. “Not in it for the money,” he said.
Terra is currently trading at $92.63 with a bazaar cap of $34.5 billion. It’s up 17.1% in the aftermost week.
Update: The escrow wallet has now also received 10 actor USDC. Gigantic Rebirth additionally acquaint an update on Twitter advertence that they had beatific the funds, admitting Do Kwon is yet to add the added $10 actor for his ancillary of the bet.
