Billionaire Mark Cuban told Fortune that he would not invest in Luna 2.0, dismissing the yet-to-be-launched initiative before it ever got off the ground.
Cuban had previously stated that it had not invested in either LUNA or the UST stablecoin. The broken Anchor protocol, which was one of the fundamental elements of the Terra ecosystem, was also handed on by the millionaire.
It’s easy to see why Cuban wouldn’t touch anything connected to algorithmic stablecoins with a ten-foot stick. Last year, the “Shark Tank” presenter promoted Iron Finance, a decentralized finance initiative that collapsed in June in a Terra-like fashion, but on a much smaller scale. The IRON stablecoin lost its peg, while the TITAN token’s price plummeted to zero.
Following the failure of Terra in early May, the community decided to give it another shot, voting overwhelmingly to establish a fresh version of the failed blockchain. Binance and other major exchanges have stated that they will support LUNA’s airdrop.
This Friday, the mainnet version of Terra 2.0 will be activated. Following the genesis block, 30% of the tokens will be distributed. The remainder of the airdrop will be spread out over the next two years.
Many people doubt Terra’s ability to resurrect from the ashes.
Dogecoin co-founder Billy Markus has slammed the failed blockchain’s rebirth, warning that it will attract “dumb gamblers.”
BitGo CEO Mike Belshe has questioned if Terra 2.0 will be able to outperform the project’s first version.