In May, LUNA nosedived, and the market followed suit. Terraform Labs founder Do Kwon shared a plan to revive the Terra Ecosystem, including the formation of a new blockchain. Jacquelyn noted: “The launch of LUNA 2.0 will be a test of whether the community is as strong as it says it is. But many are wary of trusting Kwon and the Terra team again after the LUNA and UST downfall.”

During the most recent crypto bull market, the NFT subsector also rose to new heights. As NFT sales slowed, blue-chip NFT holders began looking for new ways to profit. For the uninitiated: The term “blue-chip NFTs” derives from “blue-chip stocks,” which often refer to the most valuable companies on the market. In this case, they’re the most desirable or high-value NFTs. What are they worth amid crypto winter?

In May 2022, Terra UST crashed, which led to a push for crypto regulation. “UST is an algorithmic stablecoin mainly backed by its sister cryptocurrency, LUNA, but was also backed by bitcoin. Founder Do Kwon previously told TechCrunch that plans were in place to back it with other cryptocurrencies over time. It’s unclear if that road map is still in place for UST as it tries to recover from its downfall,” Jacquelyn wrote. To regain the trust of traders and holders, the next move would be regulation … right?

How TechCrunch+ followed the roller-coaster crypto market in 2022 by Miranda Halpern originally published on TechCrunch

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