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Terra Luna: Do Kwon announces reconstruction plan

 


The reserves of the Terra Luna Foundation Guard (LFG) have been almost completely depleted in order to save the Terra ecosystem from collapse. Since this has so far been unsuccessful, you now want to try a hard fork.


In a tweet, Do Kwon, the founder of Terra Luna and the failed stablecoin Basis Cash , now announced a detailed reconstruction plan for the ecosystem. Saving apps, developers, users and the Terra brand is a top priority.


For this reason, you now want to perform a hard fork. It is said to work without the algorithmic stablecoin TerraUSD. The old blockchain is to be renamed Terra Luna Classic.


The new chain is to be fully owned by the community. In addition, a majority of tokens are set aside to adequately reward developers of essential apps and allow dropouts a hassle-free exit.


For this reason, Vitalik Buterin, the founder of Ethereum , also spoke up. He believes the most important thing is to adequately compensate small users.



Terra Luna's reserves are running low

The Luna Foundation Guard (LFG) is a non-profit organization dedicated to supporting the Terra ecosystem. The following reserves were still held there on May 7:



Over the past few weeks, attempts have been made to use the reserves to maintain TerraUSD's peg to the dollar. The LFG now only holds a fraction of the initial reserves.



A complete and up-to-date overview of the reserves of the LFG can be found here .


Terra 2.0 token distribution

With only a fraction of the reserves left, saving the ecosystem seems difficult. For this reason, the hard fork is now relied on. So founder Do Kwon proposes the following redistribution:


25% - Community pool controlled by a government (Proof of Stake)

1% - Contingency allocation for developers. No blocking period

4% - Essential Developers

35% - All bound and unbound Luna

10% - Luna owners

25% – VAT holder

Whether that will be enough to regain the community's trust only time will tell. Despite all signs, Do Kwon remains positive and continues to describe the Terra Luna ecosystem as robust.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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