Determined to pull the Terra ecosystem out of its current plight, founder Do Kwon laid out a new “Revival Plan” asking developers to support & commit to building on the fork without the algorithmic stablecoin. including LUNA token.
Calling UST peg failure as a “chance to rise up anew from the ashes”, Kwon put a brave front saying that the ecosystem and its community deserve another chance.
“It would be devastating for broader crypto adoption and advancement if we remain in entropy amidst opposing views, and as such, I propose the following to chart the path forward for our ecosystem,” he tweeted.
In the follow-up thread, the creator proposed forking Terra into a new chain named “Terra” [token Luna – LUNA], and the old chain would be called “Terra Classic” [token Luna Classic – [LUNC]. “Both chains will coexist”, he added.
“New LUNA will be airdropped to LUNC stakers, holders, residual UST holders, and essential app developers.”
Kwon also revealed that the foundation behind the ecosystem-TFL’s wallet will be removed from the airdrop, making the project a fully community-owned chain.
Besides that, TFL will be initiating a governance proposal, with Kwon promising that the voting would start on May 18. According to the timeline published in the revival plan, the new network launch could come as soon as May 27.
Terra’s Fork Generated Mixed reactions
Crypto Community’s Sentiment appeared to be mixed toward the proposal.
While some cheered, others felt instead of airdropping new LUNA tokens to UST holders, it would be good to deploy TFL funds to provide relief to small UST holders.
One of them even asked to ditch the hard fork and opt for the buyback and burn course. Interestingly a few days back, Binance CEO CZ was the one to suggest the burn option to reduce supply and “not fork at an old date”.
Shortly after the announcement, Terra’s LUNA has lost nearly a quarter of its value in the past 24 hours.
The token has shed more than 99% since April’s peak of nearly $120. The massive drop was due to excess LUNA circulation last week to prevent the collapse of terraUSD (UST).
