Combatting the Luna Crash: A Ray of Hope for All Those Affected
The technological (r)evolution is changing the way the world functions. By introducing state-of-the-art and innovative solutions across all sectors of the world, technology is making people’s lives simple and convenient. Additionally, it is also making people wealthier. Thanks to the tech-driven rapid advancement, the finance sector was introduced with blockchain technology, leading to the invention of cryptocurrency. While not many people took the plunge and invested in this ‘alien’ currency, there are few who made millions who believed in the potential this currency held. Success stories of some of the earliest crypto millionaires – Winklevoss brothers, Erick Fineman, Peter Saddington, and Jered Kenna – begin circulating in the market, turning crypto investment a trend.
As more and more people began to hop on the bandwagon, the currency’s extreme volatility began surfacing. While, on the one hand, people were becoming wealthy, some lost their entire life’s savings by investing in crypto. It was in 2014 that a solution was created by Charles Hoskinson and Dan Larimer in the form of stablecoins. The launch of stablecoins was a revolution in the crypto market, helping many people stand tall against the crypto’s volatility.
Unfortunately, in May this year, things took a turn with the Luna Crash, where the Terra Luna coin underwent a 99.9% drop in price. As a result of this, its stablecoin, TerraUSD (UST), lost its peg. It was a nightmare for many people; some lost their entire life’s savings due to this crash. Even the recovery plan introduced by Do Kwon was not able to do much for those impacted by the crash.
On June 26th, the launch of Lunatics Token was announced. Lunatics is not a temporary recovery plan but a smart way out for all those who have suffered in the Luna crash. After the successful completion of Phase 1, with influencers supporting the launch, Lunatics has officially entered Phase 2. It is currently on its way to being pushed into the Stealth Launch stage on the Binance Smart Chain. Lunatics Token will effectively serve three core purposes. Firstly, it will help burn Terra Luna Classic. Secondly, it will lay the foundation for Classic Lunatics NFT range. And thirdly, Lunatics Token will reward the Luna Classic holders.
Lunatics is a community-driven token that primarily addresses the victims of the Luna crash. As the company’s spokesperson stated, “All those affected by the Luna crash will be able to find hope and restoration through Lunatics Tokens as a community,” Lunatics Token is a hyper-deflationary token. The company’s prime focus is to offer investors transparency at all points to help them better prepare for the future. Additionally, it is also promoting Luna Classic Burn to make sure the investors do not have to undergo such huge losses again. As part of its mission, Lunatics Token offers users and investors a dedicated burn wallet that requires a minimum of four signatures to transfer funds from the Lunatics Marketing department wallet to the burn wallet.
This ensures no one person holds the keys to the entire project. Apart from providing stability to Luna Classic holders, it ensures security at all stages by implementing a three-layer security model.
As of now, the company has set a transaction tax of 10%; 2% of this is dedicated to attracting high-profile investors with strong LP, 3% for the marketing budget, 2% for Luna Classic holders’ rewards, 2% to reduce the availability of Luna Classic, and 1% to burning Lunatics tokens to ensure they remain hyper-deflationary.
Lunatics Token, with Krakovia Coding as the contract developer, has been no less than a ray of hope for all those affected by the Luna Crash. To show support for this community, the company burnt 10 billion worth of tokens out of 100 billion available for the community. Currently, in Phase 2 of the launch, it will soon be prepared for Stealth Launch.