LUNA insiders reveal info on Terra’s closed-door meetings including Do Kwon
CryptoSlate We talked to several Luna validators who were involved in the launch of LUNA 2.0 and internally tracked what happened behind the scenes.Validator said exclusively CryptoSlate The involvement of Terraform Labs and DoKwon, the future of LUNA Classic, deployment speed, and whether LUNA 2.0 was the right move.
We spoke to both the validated validators Thorchain Maximalist and PFC, which were present during the “War Room” conversation before Luna Classic was restarted.
TerraLuna Validator Interview
Akiba (CryptoSlate): Do you think the group was able to communicate efficiently and launch LUNA2?
PFC: There were people from different locations dealing with large losses in multiple time zones. The TG Group was challenging because there were multiple topics underway, discussing, agreeing, and disagreeing with everything while you were asleep, but a “war room” of this size and incident response. Because no one planned the minutes, no minutes, summaries, notes were taken, so people knew what had happened and most of us needed to take care of others. It may have improved, as I couldn’t spend every minute watching it.
Akiba: Do you think you had to go through Do Kwon and TFL before you could agree?
PFC: Do it [Kwon] & TFL was very laborious in my opinion. (Read the log and give your opinion and you should be able to see this)
Akiba (CryptoSlate): Do you think LUNA Classic has a future?
PFC: I don’t have much potential because I don’t have IBC and I can’t bet. I’m actively validating classics and will continue to validate until there is no more traffic. People are still using it and are getting value from it. So get a group of people who know that it may keep running for a while, and who are using it.
Akiba (CryptoSlate): Is there anything you think should be open to the public in a closed room?
PFC: There were many secondary conversations. If people had announced what they were thinking about how incompetent a particular person would be, it wouldn’t have been productive.From what I was involved with, most of the secondary conversations were gossip, or potential ideas, using trusted members as soundboards.
I was in a private group trying to figure out who the first validator set was.
I didn’t like the conversation (and how the individual voted) should have been made public, but it caused a fuss.
Akiba (CryptoSlate): Do you think the group had enough time to get all the preparations for the new Genesis chain in the few days it had?
PFC: I think the selection of validators was in a hurry. I’ve already seen people claiming to be validators from other chains, but they weren’t affiliated with them (one or two of them), and people with no verification experience said “dmjared” from a friend. I have been told.
Akiba (CryptoSlate): Do you think luna 2.0 is the correct call and the snapshot timing is correct?
only time will tell. I like the idea of vesting. There are plans to keep the community and builders, and it will be a different L1 than the old one, but with USDT coming soon, most apps should work very well.
From the PFC interview, it is clear that there was a serious problem in the process of dealing with the Terra crisis. He points out very much that the same people who were trying to save the ecosystem were probably the ones who lost the most. Validators dealt with losing a huge portion of their net worth while trying to preserve what was left in the community. At least this is one way to see it. He also lost a lot of people involved in the preservation of the project, so he can argue that there were some internal biases leading to their decisions.
There seems to be no evidence that validators or TFLs acted solely on their selfishness. But they worked all night during a very emotional time. The “War Room” group needed to coordinate its multinational efforts to collaborate on decentralized projects carried out in the haze with only short breaks every few hours. In addition, as the PFC told us, they managed and did so with other tasks and responsibilities.
Blockchain as a hard-to-break solution
According to PFC, the future of Luna Classic is limited and legacy chains are considered unsustainable in their current form. However, the Terra Crisis may have some sort of silver lining. How to stop, restart, and restart LUNA as LUNA 2.0 has been debated for years. However, one validator, Thorchain Maximalist, believes the entire case is a bullish case study of blockchain technology. He told us directly:
“When the Lehman Brothers crashed in 2008, the world was a few days away from being unable to withdraw money from ATM machines. Regulators intervened, directly and more indirectly through AIG and quantitative easing. Had to inject $ 700 billion into the market.
Lehman investors have lost all their money. $ luna When $ ust The market capitalization was larger than AIG. All other protocols except the direct ecosystem continued to work as intended. Smart contracts played that role and there were no major failures. Much of the crypto infrastructure is built on first principles and is intended to be unreliable and fragile.
The design is much more elastic and requires much less trust. Within a week, the equivalent of a bankruptcy proposal was implemented and fully implemented. About $ 10 billion of that wealth was given to the original investor. If the scam is committed by a leader, they will see their day in court. “
