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

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

Cryptocurrency May 13, 2022 03:40PM ET

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

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 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 project 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

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

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