In the interests of transparency, a Terra validator has released a chat log between key players, including Do Kwon, as they prepared to launch LUNA 2.0. The chat logs reveal the state of chaos and confusion Terra insiders were grappling with in the wake of LUNA’s collapse.
The Telegram group the chat logs were taken from was dubbed the “Terra Rebirth League” (TRL) and comprised around 200 stakeholders. The conversation which began on May 12 quickly descended into a muddle between its many competing views.
Terra Rebirth League
According to one discussion participant named BigB, the TRL was put together to become, “a specialized ongoing task force, independently operated, always critically assessing all attack vectors/vulnerabilities.”
These aspirations were swiftly tested as the inherent challenges of organizing so many individuals became evident. One of the first problems was agreeing at what height of the blockchain the Terra should halt. Not all validators had stopped transactions at the exact same time.
In the early stages of the discussion, there were also calls to include ordinary community members, but it was believed that this may cause more harm than good. George Bunea of SyncNode resisted such requests believing it would only muddy the situation further.
Bunea said, “this [discussion] is for validators… we already have a lot of confusion.”
JoseCT lamented organizational factors as well, “I think this kind of movements [sic] should be better organized and announced properly. In fact, following this kind of chats in Telegrams is not easy,” he said.
A member called Rohit added, “Never seen more confusion on something this serious.”
Even Do Kwon had trouble following all of the conversations. At one point he said, “Can someone summarize the issue? I’m pretty confused.”
Voting power and control
One of the concerns of the group was whether they collectively had enough voting power to direct and control the future destiny of Terra. As the situation developed it became clear that the group had considerable backing to help carry their plans forward.
The question of what precisely to do, and when, still remained. Some such as Kai Tuirin of Lido wanted to wait for the dust to settle before making any big moves.
“I believe we should wait a bit guys,” said Tuirin. “No sense to start right now. We still don’t have consensus on the Wormhole side.” Tuirin went on to add, “Launching right now will just bring more mixing up.”
It is clear however that a general sense of urgency was felt within the Terra ranks, and at the highest levels.
In the end, the Terra Rebirth League waited for two things to be in place before making its move. The first was the reactivation of the Wormhole bridge, the second was approval from Do Kwon himself.
The genesis block for Luna 2.0 was laid on May 28. Terra has had to navigate a difficult road to reach that point, but the next part of the journey may not be altogether easy either.
Terra (LUNA) is currently trading at $7.12, down 62.2% from its $18.87 peak on May 28.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.