Billionaire Mark Cuban Pours Cold Water on Terra 2.0

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Alex Dovbnya

Mark Cuban has joined other prominent figures in rejecting Terra 2.0

Billionaire Mark Cuban told Fortune he wouldn’t put any money into Luna 2.0, resulting in the un-launched project being rejected early.

Before that, Cuban confirmed that it had not invested in LUNA or the UST stablecoin. The billionaire has also passed on the failed Anchor protocol, which was one of the key components of the Terra ecosystem.

It’s understandable why Cuban didn’t want to touch anything algorithmic stablecoins with a ten-foot pole. Last year, the “Shark Tank” host praised a decentralized financing project Iron Finance, which experienced a Terra-like collapse in June, albeit on a much smaller scale. The IRON stablecoin loses its pen as the price of the TITAN token dropped to zero.

After Terra collapsed in early May, the community decided to give the project another chance, overwhelmingly to launch a new version of the failed blockchain. Major exchanges, including Binance, have announced that they will support LUNA’s airdrop.

The activation of the mainnet version of Terra 2.0 is scheduled for next Friday. Thirty percent of the tokens are issued immediately after the genesis block. The remaining part of the airdrop will be distributed over the next two years.

Many doubt Terra will be able to rise from the ashes.

As reported by U.Today, Dogecoin co-founder Billy Markus criticized the attempt to revive the failed blockchain, predicting it will attract “dumb gamblers.”

BitGo CEO Mike Belshe has questioned whether Terra 2.0 will outperform the project’s first iteration.

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