Terra Founder Do Kwon Agrees to $1M Bet on the Future Price of LUNA

What better way is it for a startup’s founder to spend his money than for him to bet on the success of his project? This could be tagged as the case of Do Kwon, the founder of Terraform Labs, the blockchain startup in charge of the Terra blockchain and LUNA coin.

Webp.net-resizeimage - 2022-03-15T161119.651.jpg

Do Kwon has just accepted a $1 million bet from a Twitter user named Sensei Algod, a self-proclaimed semi-retired degen who believes the price of LUNA is going to be much lower by this time next year. 

Algod announced the challenge through his Twitter account saying, “Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now?” and specifically tagging Do Kwon and other prominent figures in the ecosystem. Kwon simply accepted the challenge saying “Cool, I’m in.”

The daring bet has gotten tongues wagging not just because of the amount involved but also because of the Terra platform’s seemingly impressive positivity in today’s crypto ecosystem. 

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, the protocol combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.

Based on its features and the superiority of the transactions it facilitates, the Terra ecosystem has seen over $25.33 billion in Total Value Locked (TVL) hosting innovative protocols like Anchor Protocol, Lido, and Astroport, amongst others. The platform’s LUNA coin has also recorded a relatively high and astronomical growth amidst the current market drip. The coin is trading for $91.34, down by just 13.14% from its All-Time High (ATH) of $104.58 inked about 6 days ago.

The increasing demand on LUNA based on the ecosystem built around it has made many projects a more ambitious price target for the coin, and in 12 months we would find out who wins the bet the way Mike Novogratz won a bet of 0.5 BTC on President Joe Biden’s election bet back in 2020.

Image source: Shutterstock

Leave a Reply

Your email address will not be published.