Thread by @smsirag

Some people have asked why $LUNA crashed so hard and recovered slowly in the last 30 hours. Valid question. @terra_money has the most enthusiastic support in CT. That's great, but we need to keep our enthusiasm grounded in reality. 1/12

The @terra_money use case needs no additional hopium. IMO this crash dashed some unrealistic assertions, none of which originated with core team: /2

1. $LUNA is not "bear proof". IMO it's true that it's countercyclical and will be long-term bear resistant due to its design and use case, but that doesn't mean it's "crypto crash proof". Any known market asset price will be ... /3

part hype, part speculation & part fundamentals, and figuring out how much of each is tough. $Luna is not exempt from this formula. @terra_money use case is profound and its design is well suited to deliver on that, but as everyone says, "We Are Still Early!" /4

This means the vast majority of its potential is still on the horizon. @terra_money is far ahead of some other projects in adoption, but our adoption target (normie users) is also much larger and slower to adopt. This will take time to fully develop but will be worth it. /5

2. The $LUNA price surge Feb-March was not fully jutified at the time. @anchor_protocol was exciting and highly anticipated, but 2 dApps does not make a top 10 blue chip. Price at $22 was far above its value capture at that point. /6

The speculative price outpaced new development. This is now catching up quickly, and will begin to keep pace better. Regular use by all types of users will support long-term price better. /7

3. @d0h0k1 is not Atlas, taking your world on his shoulder. The man is smart and @terra_money has built a solid framework on which others will build, but this movement must be bigger than him and than TerraForm Labs. That is when true $LUNA adoption will happen. /8

What can you do? Support and echo all the incredible use cases and projects in the #buidl stage. Challenge #Lunatics to imagine and develop use cases and apps that will bring #Defi (I mean #Tefi) to the common person on the street, not just degen dapps. /9

Everyone in CT can contribute to a project using what and who they know. Talk in @TerraBitesPod TG. Get involved in agora.terra.money, vote on governance. Be like @ConstanteMx, make connections between people you don't even know. Don't just speculate and hope. /10

4. $LUNA is not "only up". We're not going to gatecrash the top 10 next week. The growth projection is massive and long. That's a good thing. Get used to market ups and downs, make sure your investment is covered. After all, you're a VC in @terra_money, not a day trader. /11

Above all, #Lunatics: enjoy the journey, buckle in and bring something to the table. It's the @terra_money way. /12