In the wake of Terra’s UST explosion The blockchain project’s creator Do Kwon has been actively debating the Terra eco-system revival plans. one particular proposal will be considered by the Terra ecosystem on 18 May. The idea is to split the blockchain to create a new chain that doesn’t include an algorithmic stablecoin. the newly created tokens of this network are expected to be distributed to Terra members and holders.
Terra Community Members Plan to decide on a Fork Project to Resurrect the Broken Project
The last week, the Terra blockchain ecosystem was destroyed and the Terra native tokens have lost value. As of the writing time the one LUNA token is worth just one U.S. penny and the once-stable Terrausd (UST) has changed hands at $0.09 for each unit. In the past few days, the Terra team -the Terraform Labs Terraform Labs — and the community have been discussing ways to fix the fallout from the project and provide value back to the blockchain’s participants as well as holders. On May 16th the Terra creator Do Kwon published a revival plan that seeks to correct the issues with the project. the plan will be put to vote on May 18, Wednesday.
The plan, dubbed “Terra Ecosystem Revival Plan 2” will attempt to fork it into a brand new chain that does not require the addition of the stablecoin algorithmic. The existing chain will be known as “token Luna Classic or LUNC” and the new chain will take on the brand’s original name and be known as “Terra LUNA.” Following the split, newly created tokens are distributed at the request of Luna Classic holders, stakers developers for applications, as well as the remaining UST holders. The wallet operated through Terraform Labs (TFL) will be removed from airdrop completely.
Kwon claims that Kwon believes that the “Terra ecosystem and its community are worth preserving” and the app ecosystem that is built on Terra includes thousands of programmers. Terra Station has more than 1 million users across the globe. Kwon believes that despite the recent controversy, “[Terra has a] strong brand recognition and a name that almost everyone in the world will have heard about.” The details of the distribution of tokens are the fact that they will issue a total of 1,000,000,000 LUNA tokens linked with Terra. Terra chain.
25% will be allocated into the pool of community members to ensure staked governance. one percent will be given to essential developers without lockup time. 4percent will be distributed to developers who are essential after the one-year cliff and the 4 years of vesting. 35% will be given to all bond and unbonded LUNA stake holders, with the exception of TFL. The wallets that have one million LUNA at or lower will be subject to different vesting time. 10% of the funds will be given to LUNA holders, while 25 percent will be given for UST holders.
Community Responses Show People Are Not Happy with Proposals for Terra Revival. Terra Revival Proposal
The proposal states that the “pre-attack snapshot” will be taken at Terra Classic block number 7,544,914. The chain fork is scheduled to begin within a couple of hours after the launch snapshot has been taken . The expected date for the new Terra network’s launch is on May 27 2022. The plan seems to be attracting many individuals who don’t like the concept, while some support the idea that was brought to the table. One person posted: “This is an interesting proposal and I’m glad the community will move forward with a new chain.” One person who opposes the idea wrote:
There is no need for to have a fork. Simply burn the current LUNA, and change the algorithm to restore UST peg.
Some people were not happy with Kwon declaring the “Terra was more than just UST.” “I agree that Terra is more than $UST,” the person responded to Kwon’s post. “There must be a stable across all the fiat currencies. I’m not looking for to see a split. I think that the majority worth of Terra is still in the current form that the technology is in.” Kwon thinks the idea is “a opportunity to climb to resurrect Terra from the dust” as the Phoenix.
In reality, Terra did have a collection of fiat currencies, as well as the most frequently used and loved UST stablecoin. The Terra KRW stablecoin was also popular too, however it was de-pegged from Korean worth of the won. One KRW is worth $0.00079 at present. The cryptocurrency terrakrw is worth $0.00006945.
What are your thoughts on the idea of create a fork of into the Terra chain and to airdrop tokens to its members? Do you think that the idea is feasible?