Do Kwon broke his two-day silence with a “Revival Plan 2”. While UST remained the central key point of Terra, Do Kwon said that “Terra is more than UST.”
Do Kwon published the new plan to resurrect the Terra ecosystem in a recently published tweet. He wrote a detailed thread about how the team is planning to revive LUNA and the measures that the team would take.
While Terra’s central attention and growth were tied around UST, with its demise, Kwon says that Terra is more than UST.
Do Kwon’s revival plan 2.0 – Will LUNA rise from the ashes?
Kwon wrote a detailed blog on the Agora page by partaking in discussions with the community and taking feedback and proposals. Kwon revealed that the entire motivation for the revival plan 2 came from the belief that the Terra ecosystem is much bigger than UST. He believes that even though UST has laid the foundation for building one of the most robust ecosystems, the Terra community is much more than that.
The failure of the UST peg, as Kwon mentioned, is giving hope for Terra to rise from the ashes. Kwon proposed that the old Terra chain will be forked into a new chain without the algorithmic stablecoin. The old chain will be tagged as Terra Classic (token Luna Classic – LUNC), and the new chain will be called Terra (token Luna – LUNA).
New LUNA will be airdropped to Luna classic stakers, Luna classic holders, residual UST holders, and the essential app developers of Terra Classic.
The whitelist of the airdrop will remove the TFL wallet, which will make Terra a complete community-owned chain. The Terra 2.0 will have a fixed supply of 1,000,000,000 LUNA. Kwon added that token distribution also plays a major role in reviving the Terra ecosystem. He noted that Terra 2.0 would focus more on developers as they will get an initial emergency allocation to fund the runway.
Kwon also mentioned in the blog that Terraform Labs will put out the proposal for the governance vote on 5/18 Asia time. If the proposal passes, the team will coordinate with the validators on May 27.
The new proposed plan to revive LUNA seems like a promising one that might instill the trust back.