After the recent collapse, the Terra ecosystems has been working on a revival plan. A majority of the Terra community members have voted in favor of a hardfork.
In the latest development, Terra has published an amendment to proposal 1623 and has made three major revisions following the community feedback.
1. Increasing the Genesis Liquidity
With this move, Terra claims to be protecting the interest of smaller wallet holders who were holding LUNA before the attack. Terra says that it has increased the initial liquidity parameters from 15% to 30% for “pre-attack $aUST holders, post-attack $LUNA holders, & post-attack $UST holders”. This will help to mitigate future inflationary pressure.
2. Pre-attack LUNA Holders Will Get New Liquidity Profile
The new liquidity profile will give wallets with less than 10K LUNA to have the same genesis liquidity, 30% unlocked at launch. The rest 70% of liquidity will open up over two years every 6-month duration.
Terra adds: “Introducing this new liquidity profile ensures that small $LUNA holders have similar initial liquidity profiles. This would cover 99.81% of $LUNA wallets while only representing 6.45% of total $LUNA at the Pre-attack snapshot”.
Trending Stories
3. Decreasing Distribution to Post-Attack UST Holders
Terra said that it has decided to reduce the allocation for post-attack UST holders from 20% to 15%. This will ensure that the de-peg-related allocation stays on par with the original stakeholder allocation.
Terra says that the 5% change from decreasing the distribution to post-attack UST holders shall be allocated to the community pool. Terra has opened up the voting for proposal 1623 which will end in 5 days.
The collapse of the Terra ecosystem has shaken the entire crypto market. It has also turned out to be one of the biggest and the fastest wealth erosion for crypto investors evaporating over $40 billion in the matter of just a week.
Some of the big investors had to write off tens of millions of dollars in this market correction.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
