Terra’s Revival Plan 2: ‘Much Ado About Nothing?’ Here’s what we ‘Do Kwon’
A one-of-a-kind incident in the crypto market was the Terra [LUNA] debacle of last week. With spiraling investors and the start of a never-ending blame game, clouds of uncertainty haunt the market even today.
If that wasn’t enough, the infamous Terraform Labs co-founder and CEO, Do Kwon, came out of his temporal hiatus on 16 May with what he titled the “Terra Ecosystem Revival Plan 2.”
According to Kwon, the Terra ecosystem is worth preserving as it
“Contains hundreds of developers working on everything from DeFi to fungible labour markets, state-of-the-art infrastructure and community experience.”
He also mentioned that the Terra Station has a large install base, with over a million users across the world. Hence, Revival Plan 2 is needed to carefully outline the steps the Terra Team would take to revive the system’s native token, LUNA.
According to Kwon, the Terra Blockchain, as it exists today, would be forked into a new chain. The new chain would be without the kind of algorithmic stablecoin that brought Terra to its knees.
He also stated that the old chain would be referred to as the “Terra Classic” and the new chain would be named Terra. He noted further that the two chains would have different tokens. The Terra Classic Chain would have its token named ‘Luna Classic -LUNC.’ On the other hand, Terra’s chain would be referred to as ‘LUNA.’
<p lang=«en» dir=«ltr» xml:lang=«en»>6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna – $LUNA), and the old chain be called “Terra Classic” (token Luna Classic – $LUNC). Both chains will coexist.— Do Kwon
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