Terra founder Do Kwon on Monday proposed to fork the Terra chain into a new chain without the algorithmic stablecoin. The new Luna revival plan comes in the backdrop of stablecoin crash last week following Terra network’s decline.
Forking Terra (LUNA)
The plan involves renaming the old chain to Luna Classic (LUNC) and new chain as Terra (token Luna – LUNA). Making the announcement, Do Kwon called the LUNA community unparalleled and with a builder talent pool is broader and deeper on Terra than most ecosystems.
Kwon explained LUNA airdrop plans in a tweet:
New $LUNA will be airdropped to $LUNC stakers, holders, residual UST holders, and essential app developers. Also, TFL’s wallet will be removed from the airdrop, making Terra a fully community-owned chain.
Terraform Labs will allocate a large portion of the token distribution to existing Terra developers as an emergency runway.
“Terra 2.0 is focused on developers – developers will get an immediate emergency allocation of Luna tokens to fund runway, as well as a pool of tokens earmarked to align the interests of the base layer with its builders.”
LUNA Revival Plan 2.0
Kwon also stressed on aligning the interest of developers with the long term success of the ecosystem. Also, network security will be incentivized with token inflation while targeting staking rewards of 7% per annum.
The Terraform Labs will put the proposal up for a governance vote on Wednesday. As per the plan, Terraform Labs will cut the Terra core release and make network launch instructions available for validators on Saturday.
The company announced it will complete the essential app developer registration on May 25. It will create the genesis file from final launch snapshot by May 27. The company will also launch the network on the same day.
Kwon noted in the announcement, “While UST has been the central narrative of Terra’s growth story over the last year, the distribution of UST has led to the development of one of the strongest developer ecosystems in crypto.”
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