The events of the last week might be a lot to take in, which is why CoinStats would be looking into the history of the token from its launch to the chaotic week.<\/p>\n\n\n\n Do Kwon and Daniel Shin are co-founders of Terra (LUNA). Do Kwon is the CEO of Terraform Labs. He is a former software engineer at Microsoft and Apple and served as CEO of Anyfi, a startup providing decentralized solutions for wireless mesh networks. Kwon is included in the Forbes 30 Under 30 list of the world’s most successful entrepreneurs.<\/p>\n\n\n\n Co-founder Daniel Shin is a talented economist and entrepreneur. Before Terra Alliance, he co-founded Fast Track Asia, a startup incubator, and TMON (Ticket Monster), a South Korean e-commerce platform.<\/p>\n\n\n\n The project’s mainnet was launched in 2019, aiming to stabilize the global payments systems by combining the price stability of fiat currencies with the control-free and censorship-resistant blockchain technology.<\/p>\n\n\n\n Terra\u2019s protocol uses a Delegated Proof-of-Stake (PoS) consensus mechanism. It received funding from leading VC funds globally. In 2018, Binance led a $32 million round to back Terra, while Pantera Capital, Galaxy Digital, and Coinbase Ventures Invested in founding rounds in 2020.<\/p>\n\n\n\n The Terra ecosystem was one of the most promising and successful crypto ecosystems, aiming to build the largest algorithmic stablecoin. According to a CoinDesk report, the blockchain had crossed 1 million daily active users, with over 2 million user accounts in 2020. In the same year, Terra Protocol\u2019s DeFi and stablecoin projects launched LUNA\u2019s market cap to 200 million USD.<\/p>\n\n\n\n By 2021, major protocols such as Anchor, Nexus, Alice, Ozone, SPAR, etc., were built on the Terra platform.<\/p>\n\n\n\n TerraUSD (UST) was the third-largest stablecoin by market capitalization according to CoinMarketCap and the largest algorithmic stablecoin. It was the third-largest Layer 1 blockchain by Total Value Locked (TVL).<\/p>\n\n\n\n In 2021, Terra partnered with key players in the space, including\u00a0 DeFi Alliance, Asia DeFi Network, and Harmony. The Terra Ecosystem Fund<\/a> was supported by capital commitments of $150 million from an all-star ensemble of investors, including Arrington Capital, BlockTower Capital, Galaxy Digital, Hashed, Lightspeed Ventures, Pantera Capital, Parafi, SkyVision Capital, and many others. It aimed at supporting \u201cambitious individuals looking to build incredible products.\u201d\u00a0<\/p>\n\n\n\n The Calm Before The Storm<\/p>\n\n\n\n As 2022 rolled by, LUNA surged past tokens like Dogecoin (DOGE), Avalanche (AVAX), and Shiba Inu (SHIB) to become the world\u2019s 10th largest cryptocurrency by market capitalization.<\/p>\n\n\n\n CoinStats charts the project\u2019s rise and fall:<\/p>\n\n\n\n Terraform Labs donated $1.1 billion to the Luna Foundation Guard (LFG), launched in January to grow the Terra ecosystem and improve the sustainability of its stablecoins. Kwon noted that the funds, denominated in LUNA, will be burned to mint UST to grow the LFG\u2018s reserves: \u201cuntil it becomes mathematically impossible for idiots to claim de-peg risk for UST.\u201d<\/p>\n\n\n\n LUNA tokens rose to set new all-time highs of over $105.91. LUNA became the second-largest staked asset among all major cryptocurrencies in terms of total value staked. Data<\/a> from Staking Rewards highlighted that LUNA surpassed Ethereum, which had just over $26 billion in staked value at press time.<\/p>\n\n\n\n Terraform Labs announced their intention to buy Bitcoin (BTC) and make it a reserve asset to back the UST stablecoin. Kwon stated that he planned to buy $10 billion in Bitcoin to back UST. The LFG purchased over $30,000 BTC as LUNA reached its all-time high of $119.98 on April 5. <\/p>\n\n\n\n By the end of April, the LFG had increased its Bitcoin holdings to 42.5K BTC, making it one of the largest holders of Bitcoin.<\/p>\n\n\n\n![\"\"](\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/05\/terra-luna-price.webp\")
History<\/h2>\n\n\n\n
March 11, 2022 <\/h3>\n\n\n\n
March – April 2022<\/h3>\n\n\n\n
May 5th, 2022 <\/h3>\n\n\n\n