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Terra (Luna): Coin on the ground - You could get your money back

 


Will Harborne, CEO of Deversifi, announces that he wants to reimburse all Deversifi users affected by the Luna crash! And from his own wallet. Here's how you could potentially get up to $1,000 back.


It's official now: Terra is scheduled to become version 2.0 on Friday. The new Luna Coin is simply referred to as “Luna” while the old one persists as “Classic”. One person can't wait long enough to refund lost tokens to ALL users of their platform: Will Harborne from Deversifi. If you also deposited UST on Deversifi, you will get back up to 1,000 US dollars.


We had a chance to chat with Will. He wants to give users a refund of less than $1,000 in losses. All user investments over $1,000 will be capped at this amount.


“I want more people to enter the DeFi space and take advantage of this wonderful opportunity. Many are deterred by the Terra Luna crash. Everyone who has invested on our platform will get up to $1,000 back from me personally.”


Deversifi is a DeFi application that works with rollups, i.e. a layer 2 solution. Rollups are intended to reduce utilization on the Ethereum mainchain - for users, this is most evident in the significantly lower gas fees . Rollups are used to execute transactions faster because they are compressed and committed to the main chain.


Terra Luna Coin, reverse view

“Since users (almost) do not have to pay any transaction fees for use, we have a relatively large number of new DeFi users. Most of those affected by the Terra Crash had around 6 months of experience. I personally want these to stay in DeFi space! It is close to my heart."


He doesn't think much of the much-vaunted DYOR crypto approach. DYOR stands for "Do your own research" and means that if you lose money, it's your own fault. Those who set up the applications are also in debt. It's their job to help users in this space and make it safer. Simply telling people it's their own fault if they lose money on DeFi isn't enough.


We should all follow him as an example and try to do things better instead of looking for someone to blame.


Vitalik Buterin supports refunds for Terra - small investors

The Ethereum inventor confirmed in a repost last week that he supports refunds for owners of the Terra stablecoin.



It was mainly small investors who listened to influencers and believed in the 20% interest rate. Investors were able to earn up to 20% interest on the coin per year on Luna's best -known DeFi protocol , called the Anchor Protocol. Many see this fact as emblematic of the crash. PersianCapital claims in the tweet that the poorest 99.6% of wallets could be offset by the richest 0.4%.


We asked Will if he thought the Luna crash could have been prevented.


“I believe the problem is not with algorithmic stablecoins per se. The US dollar isn't backed by anything either – people just use it. The excessive growth in this short time has become the project's undoing. There were too few projects and use cases behind Terra-Luna.


He thinks that in the long run, a decentralized stablecoin is still the best solution for DeFi and crypto. He compares this with the DAI example. This is an “over-collateralized” stablecoin: compared to the issued stablecoins, 150 percent is backed in crypto as collateral.


Suppose 1 BTC is deposited at $15,000 as collateral. Then DAI may only issue stablecoins at $10,000 each.


He would like this conservative approach from a future stablecoin. Unfortunately, we were not able to find out how his 1,000 US dollar donation would affect Luna Coin 2.0. It probably won't have any effect.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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