Thursday, July 7, 2022
HomeBusinessDo Kwon proposes Terra revival, including token redistribution plan By Cointelegraph

Do Kwon proposes Terra revival, including token redistribution plan By Cointelegraph


Breaking: Do Kwon proposes Terra revival, including token redistribution plan

Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the 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 groups discussing the possibility of forking the Terra chain, involves compensating UST and LUNA holders who were unable or unwilling to sell their holdings during this week’s price collapse.

From top-10 crypto to trading for less than a fraction of a penny, LUNA’s price chart offers a startling reminder of how quickly crypto markets can change. Source: CoinMarketCap