Breaking: Do Kwon proposes Terra revival, including token redistribution plan
After two days of silence, the Terra founder has issued a new governance proposal to keep the community alive and compensate token holders. Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged Terra (LUNA) tokens to practically zero. In a Friday post on Terra’s research forum, Kwon said, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” His proposal, which was in response to validator....
Related News
Binance comes to the rescue of Terra projects, Chainalysis introduces new tools to track stolen crypto funds, Do Kwon's new proposal for a Terra hard fork and more in this week's DeFi newsletter. The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra's collapse and its aftermath on various ecosystems it was connected. Now BNB chain has come to the rescue of several stranded projects on Terra by offering financial and technical assistance.After its spiral collapse, Terra co-founder Do Kown proposed a revival plan and a hard fork to revive the blockchain.....
Do Kwon’s co-founder and CEO of TerraForm Labs recently announced the Terra revival plan and received mixed reactions; many of them have questioned the effectiveness of a hard fork in reviving the fallen price of Terra (LUNA) and TerraUSD (UST) tokens. On the other hand, few recommended burning LUNA as the most plausible way for […]
Terra posted three new revisions to its revival plan. This included increasing genesis liquidity, introducing a new liquidity profile and decreasing allocation for some holders. After a grueling two weeks for the Terra community, the team behind the project announced revisions to their proposed revival plan for Terra (LUNA) and TerraUSD (UST). In a Tweet, Terra shared three major revisions to the proposed Terra revival and redistribution plan. These include increasing the genesis liquidity, introducing a new liquidity profile for pre-attack LUNA holders and decreasing the distribution to....
The Terra 2.0 mainnet (Phoenix-1) went live today as per the original timeline set by Terra developers and started producing blocks. Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem. Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors.Pheonix-1 mainnet is....
Upon a persistent request from the Terra community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving the fallen prices of LUNA and UST tokens. Instead, the part of the community recommended burning LUNA tokens as the most plausible way to achieve a comeback.Kwon’s proposal to preserve the Terra ecosystem involves hard forking the existing Terra blockchain without the....