Do Kwon, the founder of Terraform Labs has come up with a new plan to revive the Terra ecosystem following the recent crash suffered by the platform.
Checks by Investors King revealed that the new measure dubbed ‘Revival Plan 2’ was disclosed via a tweet thread shared by Kwon himself on Monday, May 17, 2022.
The cryptocurrency developer explained how the team intends to resurrect the ecosystem and the steps they intend to take to save the platform.
His post which motivated the platforms’ community by stating that Terra is more than $UST, proposed forking the platform into a new chain without the algorithmic stablecoin.
Kwon explained that the old chain is be called Terra Classic (token Luna Classic – LUNC), and the new chain is to be called Terra (token Luna – LUNA).
”Part of the plan is for luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
‘’TFL’s wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed in the whitelist for the airdrop, making Terra a fully community-owned chain
”Allocate a large portion of the token distribution in 1) providing emergency runway for existing Terra dapp developers 2) align interest of devs with the long term success of the ecosystem Network security to be incentivized with token inflation. Target staking rewards of 7% p.a,” the CEO said.
Kwon Monday’s announcement is a sequel to an earlier plan two days after the crash of the Terro ecosystem. The first plan also proposed handing ownership of Terra over to its community.
Meanwhile, Changpeng Zhao, the CEO of crypto exchange Binance has advised against hard forking the blockchain as a means to revive the Terra ecosystem.
The crypto investor in a Tweet suggested that the Terra community should first burn the extra minted LUNA, and recover the UST peg to revive the token’s market value.
On his part, Ethereum co-founder Vitalik Buterin backed a tweet proposing that the platform should prioritise smaller investors who lost funds due to the crash.
‘’Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about “20% interest rates on the US dollar” by an influencer, personal responsibility, and SFYL for the wealthy,’ Buterin stated.
