There isn’t any easy way to start this message — the last week we witnessed billions of dollars liquidated, thousands of lives affected, and teams all over the world that have now come face to face with what is the equivalent of a mass extinction event of their home on Terra.
In short, the UST stablecoin, a key infrastructure asset of the Terra ecosystem experienced a mass depegging event — when the 1$ peg was not able to be maintained, an emergency solution was triggered, using the LUNA token as the backstop. In order to bring the price back up on UST, LUNA was minted into the Trillions — and the adverse effect of this caused even more panic in the system, triggering exponentially larger selloffs of both LUNA and UST.
This reflects on the entire crypto industry on the whole — and not in a positive light. Our hearts go out to those affected, and we give our utmost sympathy and support especially to those who dedicated not only their capital, but their time, passion, skills, and energy to Terra.
Actions not just words
However, that’s not enough. This message is not intended as mere words — for words alone cannot possibly make up for the damage that has been caused to LUNA/UST holders, stakers, and the entire crypto ecosystem that is either directly or indirectly associated with them.
What we need now goes beyond words — what we need are actions. The critical moments following disasters such as these help define exactly what it means to be decentralized — what our community stands for, and how we come together when it gets tough. Though we may operate on what some may call a competitive chain, myself and the whole team at Solstarter are committed to helping restore what we can to the builders, teams, and talented projects that are facing ruin with their treasuries depleted. We pride ourselves on being the community first platform for Solana — and this prime directive impels us to act.
Terra Transition Program
In the next few days, we will be launching our Terra Transition Program. For teams that were building on the Terra ecosystem and are looking for a new home — Solstarter is here for you. We will help bring your project over to Solana, provide zero upfront fees for launch for your project, and allow you to raise new liquidity on Solana — making it your new home.
Our great community on Solana will be there to engage with your project, and though things are a bit different on Solana, we hope we can allow teams to move past this event and let builders build. We also understand that Solana is a different chain, and some guidance will be required — we are also lending out several of our own developers to help out in this transition, so you are more comfortable and confident in making the move.
Through the Terra Transition Program, we hope to bridge over some of the incredibly talented and hard working teams that were focused on building the next generation of finance to Solana.
For those looking to join the Terra Transition Program and get your project back up on running on Solana, please send us an email at transition@solstarter.org.
Let us know about your project, including your website, Telegram username, and we will get back to you shortly.
Again, I applaud the builders personally for your strength during these times, and if your project needs Transition, we hope we can be there for you, too.
Sincerely,
Roy Blackstone
Founder, Solstarter
