Do Kwon the co-founder of the Terra Luna blockchain, publicized 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.
As per Kwon, Terraform Labs will put forth a new governance proposal to fork the Terra Luna blockchain.
However, the new chain will not be linked to the TerraUSD stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic. If the plan is passed, the new LUNA blockchain will go live on the 27th of May.
The new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain. Furthermore the Terraform Labs’ wallet address will be removed from the whitelist for the airdrop which would make Terra a fully community-owned chain.
The proposed supply of LUNC is capped at 1 billion, with 25% going to the community pool, 5% towards essential developers and 70% going towards LUNC and UST holders at various snapshots.
