Tuesday, October 4, 2022

Do Kwon Pitches Another Revival Plan, Claims Terra Will Rise From The Ashes

Certainly not ready to give up on LUNA, the controversial CEO and co-founder of Terra, Do Kwon, has come forward with yet another plan to save the cryptocurrency from going down.  

Do Kwon Issues New Proposal

According to a recently-published blogpost, Kwon proposes to have the Terra  chain forked into a new chain, although this time without being backed by the UST stablecoin. 

He then goes further by comparing the present situation of  LUNA and the de-pegging of the UST to Ethereum’s situation of 2016. While that moment almost meant the end for Ethereum too, everyone knows the story is entirely different today.

So drawing inspiration from Ethereum, Kwon insists that he is fully optimistic about the network coming back to life. In his words, it will “rise up anew” from the ashes.

Parts of the proposal also suggests that the old chain be called the Terra Classic. And that its native token, be called the Luna Classic (LUNC).   

Additionally, Kwon’s proposal also mentioned that holders of the old token (LUNC), would be eligible for an airdrop of LUNA. That is, the token for the new chain.

Speaking about Terra’s ecosystem, Kwon reiterated how rich and vast it is, in  terms of the number of developers. He then insisted that the Terra ecosystem must be preserved by all means necessary, for what it is worth.

Do Kwon also stated that the maximum supply for the new token will be one billion. He then mentioned that a quarter of the entire supply of token will go to a community pool that will be controlled by staked governance. Interestingly, this is a major change and a significant increase from the old plan. 

Furthermore, major developers will have access to 5%. But the majority of the tokens will be distributed to those who went down together with the former project. That is, those holding LUNA and UST when the project crashed.

Community Resists

Meanwhile, the proposal by Kwon has been met with a lot of resistance and wild criticisms from the community. In fact, some say the controversial co-founder may be trying to forcefully get money out of users for the second time. 

But Kwon has also tried to give further explanations regarding his new proposal. Taking to Twitter, Kwon insists that his plan is centered around the community, and the chain proposed is an “incredibly robust” one.

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