Over the past couple of weeks, the ‘unthinkable’ has happened with the UST losing its peg and LUNA collapsing, taking the life savings of thousands of supporters of decentralization. Last year Tefi App was one of the only voices to call out TERRA for the centralization that was taking place on a chain that was claiming to be decentralized. Tefi App was arguably one of the best apps with the best UI/UX on the TERRA blockchain. Our users led our efforts, and we were working for them, making a product that made the lives of LUNAtics like us easier. We gained a lot of success in a brief period. The community was more than happy to buy tokens and NFTS from us, and we could have used the community’s love and trust to make some quick money. We are proud to say that we did not take a single dollar from any LUNAtic as it went against our principles and the idea of decentralization. Not every project needs to have a token. The centralization of control on decision-making and community funding made it impossible to continue the mission to promote and protect true decentralization. When Tefi App stood up against the self-proclaimed King of ‘decentralization,’ Do Kwon, the community quickly shunned us.
Over the past couple of weeks, the community has blamed the entire UST and LUNA debacle on Do, TFL, and LFG, and rightfully so. The event has shed light on centralizing control from decision-making, funding, and validators. The LFG, created in anticipation of such an event, decided to move community funds at its discretion without regard for any transparency. There is still no clarity on where the funds went. Additionally, the centralized set of validators halted the chain. They later disabled staking, effectively preventing new network stakeholders from voting on the decision-making of the chain that only survives today because of their trust. LUNA today is more decentralized than ever before, and the only POS chain with a highly distributed token, but the gatekeeps are shunning new stakeholders from the community just as they did to Tefi App.
In this challenging time, the community got together to develop solutions. The agora forum has seen more activity than ever before. The gatekeepers, constantly spamming social networks with unrealistic expectations of price action and promises, are now fighting back the new diverse set of community members. The community has expanded to people who could not afford luna at a higher valuation and price. This distribution of LUNA has brought people from economically neglected areas of the world to join the ever-growing LUNAtics community.
Tefi App sees this as an opportunity to onboard these users to the best Defi ecosystem – TeFi. We will support the original Terra chain with our developer resources, and we pledge to burn 111,111,111 LUNA tokens to show our commitment to our fellow LUNAtics and decentralization. We encourage other community members to join our efforts to decentralize Terra LUNA truly.
We propose that we as a community work together to restore confidence in the original Terra chain and together BURN LUNA TO THE MOON.