Doo Kwon, co-founder of the troubled blockchain firm Terra Luna, has announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws that wiped out The vast majority of the market value of the blockchain.
Kwon said Monday, Terraform Labs will submit a new governance proposal on May 18; To perform a fork of the Terra Luna blockchain network called Tera (token name: Luna).
However, the new chain will not be linked to the UST stablecoin. Meanwhile, the legacy Terra Blockchain will continue to exist with UST and will be called Terra Classic (LUNC).
According to Kwon's plan, if passed, the new Luna blockchain will be launched on May 27, CoinTelegraph reported.
Under the proposal, the new Luna tokens will be distributed to LUNC holders, UST holders and the core developers of the Terra Classic blockchain.
In addition, the Terraform Labs wallet containing some addresses will be removed from the distribution whitelist, making Terra a fully community-owned chain.
The proposed maximum supply from LUNC is set at 1 billion, with 25% allocated to critical developers, 5% to core developers, and 70% to LUNC and UST holders in different snapshots of Events in May, subject to eligibility conditions.
