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Do Kwon wants to restore Terra, compensate investors and developers

 


Do Kwon, the mastermind behind Terraform Labs, has unveiled another plan to save his blockchain project Terra after the recent de-peg of the proprietary stablecoin UST from the US dollar, causing its cryptocurrency Terra ( LUNA ) to plummet to nearly Zero has crashed and the project is now on the razor's edge.


In a recent Terra forum post, Kwon has accordingly urged the Terra community to "restore the blockchain network to keep the community and developer ecosystem alive." The head of the project is alluding to the fact that some validators of the blockchain are now thinking aloud about initiating a hard fork of the Terra-Chain. Kwon's new plan is to compensate all UST and LUNA owners who were unable or unwilling to sell their assets during the crash.


In order to make this possible, Kwon wants the validators to set the free network assets back to 1 billion tokens, which are then to be distributed among LUNA and UST owners and flow into a community pool for funding further development activities. Specifically, 40% of the new funds are intended to go to LUNA investors who owned the cryptocurrency before the UST decoupled, with another 40% earmarked for UST investors who were invested in the stablecoin until the network upgrade, the next 10% should in turn flow to LUNA investors who held the cryptocurrency until shortly before yesterday's interim stop and the remaining 10% should in turn be made available for the developer pool.


Kwon remains realistic in formulating his goals, acknowledging that a full re-establishment of the UST's 1:1 peg to the US dollar is unlikely, but the Terra boss also believes that this is not imperative is necessary:

"Even if we could fully reconnect after the last margin traders are out, LUNA investors have been liquidated and debilitated to such an extent that we simply lack the ecosystem to start all over again."

At its peak in early April, LUNA's market cap was more than $41 billion, according to data from CoinMarketCap. Meanwhile, the stablecoin TerraUST, which is no longer one, had a market cap of $19 billion at its peak. Losing connectivity has seen UST fall to a low of $0.13 yesterday Friday.


So while there doesn't seem to be a way that that market value will ever be restored, Kwon wants to make sure that the project's "loyal community and developers" are at least compensated.

Kwon's new proposals come just under two days after the Terra boss presented an emergency plan to save the UST connection. However, the ideas it contained were apparently unconvincing, as the stablecoin and its related cryptocurrency LUNA continued to fall happily.

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