Crypto News – Do Kwon, co-founder of the troubled Terra Luna blockchain. On Monday, announced a revised plan to restore the ecosystem. After a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap.
iexclusivenews reports that as told by Kwon. Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).
The TerraUSD (UST) stablecoin will not be connected to the new chain. Meanwhile, the old Terra blockchain will be dubbed Terra Classic and will continue to exist alongside UST (LUNC). The new LUNA blockchain will go online on May 27 if Kwon’s concept is approved.
What You Need To Know
New LUNA tokens will be airdropped to LUNC holders, UST holders. And Terra Classic blockchain critical developers under the plan.
Terraform Labs‘ wallet, with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6. Will also be removed from the airdrop whitelist, making Terra a wholly community-owned chain.
The planned LUNC supply is capped at 1 billion units, with 25% going to the community pool. 5% to important developers, and 70% going to LUNC and UST holders at various points in May, subject to vesting rules.
The Luna Foundation Guard, the ecosystems’ custodian, said earlier today that it has spent a large percentage of its cryptocurrency assets defending UST’s peg amid the market sell-off.
However, iexclusivenews Nigeria reports that as a result, it is doubtful that the Terra environment will be able to recover without the assistance of outside finance.
Binance CEO Changpeng Zhao stated that he will support Terra’s community but that the entity should be more transparent about recent developments.