Recently, LUNA and UST tokens experienced a catastrophic price drop due to the death spiral caused by the UST/Luna depegging. Trillions of LUNA tokens were minted to compensate but their price approached zero. On May 13, Terra announced on Twitter that the Terra blockchain would be stopped at block height 7607789 and Terra validators would propose a rebuilding plan.
At this point, the largest “algorithmic stablecoin” experiment to date has finally ended abruptly after several tumultuous days.
However, even though Terra Chain has stopped, the impact of the crash is still felt across the industry. According to preliminary statistics, the TVL of Terra chain has dropped from $30 billion at its peak to $800 million. Currently, the on-chain project is in a state of complete suspension, and millions of users have lost value in their assets.
Under this circumstance, Hoo Smart Chain, a leader in the public chain and the world’s first visualization public chain, has decided to provide Terra Chain developers and users with an “Cosmic Migration Program” to compliment the ongoing Hoo Smart Chain “Cosmic Origin Project”. The Cosmic Migration Program will help the developers and users who have been adversely affected by the cessation of Terra Chain and drop in asset values. And it will provide sustainable Grants to developers to assist projects in redeploying development on Hoo Smart Chain. In addition, the program will also help Terra Chain project owners to overcome the difficulties and continue development of visual public chain ecosystem together with Hoo Smart Chain.
To maintain the integrity of the project ecosystem, Hoo Smart Chain has decided to assist in mapping snapshots of the project’s Tokens. All Terra Chain users will be able to bind their Terra Chain addresses to Hoo Smart Chain addresses via Equal Sign Bridge, and the project Tokens in Terra addresses will be automatically mapped to the bound Hoo Smart Chain addresses.
Hoo Smart Chain is currently developing an exclusive registration channel for Terra Chain projects, and Terra Chain can register for participation through the Hoo Smart Chain website subsequently (https://hoosmartchain.com/). A mapping channel for Terra Chain users will also be available soon on Equal Sign Bridge.
Hoo Smart Chain “Cosmic Origin Project” is on fire!
About Hoo Smart Chain
“Cosmic Origin Project”
For decentralized application base protocols, multi-chain cross-chain hub protocols, GameFi, NFT and other popular situation, Hoo Smart Chain has launched TVL basic rewards, cross-chain hub rewards, transaction volume extra rewards, and pledged HOO extra rewards to support global quality decentralized ecological projects. Hoo Smart Chain are also committed to promoting the development of different sections of decentralized applications and exploring infinite possibilities including visualization public chain ecology and meta-universe public chain. Hoo Smart Chain expect to provide better and more sustainable support for ecological developers and build the future of blockchain together.