Do Kwon’s Plan for New Terra Blockchain Becomes ‘Final’
A plan to revive the Terra (LUNA) ecosystem by creating a new blockchain without an algorithmic stablecoin has been designated as “final” by Terraform Labs CEO and co-founder Do Kwon.
By creating a new blockchain with its own native token, Do Kwon’s revival plan would airdrop the new token to holders and stakers of LUNA on the old chain, as well as what he called “residual UST holders” and “essential app developers.”
According to the plan, the old Terra blockchain would continue to exist as the “Classic” chain, with the current LUNA termed as luna classic (LUNC) token. The new chain will be called “Terra” with its token Luna (LUNA).
The proposal now has “[UPDATED AND FINAL]” added to its title.
Under the new proposal, 45% of the new token will be airdropped to pre-attack holders of LUNA and UST, 30% to holders of LUNA and UST on May 27, and 25% to a community pool controlled by staked governance.
The now final proposal has already received the support of Nexus Protocol (PSI), a decentralized finance (DeFi) platform for Terra, which declared on Twitter that they “believe in a future for Terra […].”
At 10:30 UTC on Monday, LUNA traded at USD 0.00018, down 3% for the past 24 hours. At the same time, the failed stablecoin terraUSD (UST) traded at USD 0.094, nearly unchanged for the day.
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Learn more: - Do Kwon's New Terra Revival Plan Fights for Support as Trust Challenge Remains- Vitalik Buterin & Binance CEO Chime In as Do Kwon Proposes Another Terra 'Revival' Plan- After Terra's Collapse, Cryptoverse Reflects on ‘Ponzi-like Assets’, Role of VCs, and 'Ignorant' Crypto People- Luna Foundation Says Nearly Entire Bitcoin Stack Spent, Promises Compensation to UST Users- Terra's Do Kwon Liquidated the South Korean Arm of Terraform
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