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Do Kwon Proposes Hard Fork for Terra: Planned New Terra (LUNA).

 


On Monday, Do Kwon, the co-founder of the Terra Luna blockchain, announced a revised ecosystem recovery plan. A few days ago, the market capitalization of the blockchain plummeted due to severe market volatility and inherent flaws in the design of the protocol. As announced by Kwon, Terraform Labs plans to present a new governance proposal on May 18 that will include a hard fork of the Terra Luna blockchain. The new token should therefore also be called Terra ( LUNA ). 


However, the new chain will not be connected to the stablecoin TerraUSD (UST). However, the old Terra blockchain with the UST will continue to exist and the token will be renamed Terra Classic (LUNC). According to Kwon's plan, if approved, the new LUNA blockchain will go live on May 27.


It is envisaged that new LUNA tokens will be issued to LUNC holders, UST holders and key developers of the Terra Classic blockchain. The Terraform Labs wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 is to be removed from the whitelist for the airdrop. This makes Terra a fully community-driven chain. The supply of the new coin is capped at 1 billion. 25 percent will go to the community pool, 5 percent to the key developers, and 70 percent to the LUNC and UST holders at various times in May. There is also a period of 2 years to fully receive the airdrop of new coins.


Luna Foundation Guard, the custodian of the ecosystem, has announced that it has sold a majority of the cryptocurrency reserves to keep the UST pegged during the market sell -off . As such, Terra's ecosystem is unlikely to be able to save itself without help from outside investors. Changpeng Zhao, the CEO of Binance, pledged his support to the Terra community , but he would like to see more transparency from the company regarding the recent events.

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