Terra Developers Announce New 4-Year Recovery Plan “Terra Expedition”

Terra developers have launched a new proposal called “Terra Expedition” as they seek to revive the network that caused the market crash this past May. The implementation period of the plan is about 4 years. Incentivizing developers and increasing user activity with the LUNA token are important parts of the proposal.

Earlier this week, the Terra developers released a plan to revive the Terra ecosystem “Terra Expedition”, revised expansion program to allocate 95 million LUNA ($248 million) for ecosystem development. The new proposal is designed to encourage ecosystem growth and fix issues with the original proposal.

“The Terra Expedition is a four-year program aimed at growing the Terra ecosystem through a series of initiatives with three main objectives, namely: incentivizing developers to build on Terra, deepening liquidity on Terra and onboarding users to Terra,”

The proposal wrote

It is proposed to use 9.5% of LUNA’s total supply as determined at the launch of the new Terra chain funded and voted by the community managed by the committee, with a reevaluation every 12 months, for a total of Estimated duration is 4 years.

This initiative aims to better align incentives across the ecosystem and focus on attracting developers, users, and facilitating liquidity.

Of the allocated LUNA, 20 million will be used for developer funding program, 20 million will be used to reward developers building projects on Terra, and 50 million will be used for liquidity incentives. In addition, 5 million LUNA will be used to incentivize user behavior such as cross-chain transfers to Terra, use of DeFi on Terra, and NFT minting.

The proposal comes as South Korea is working to investigate Terraform Labs and its developers for the biggest crypto crash ever.

According to statistical data, Terra-related apps lost $28 billion in value following the May explosion of Terra and its LUNA and UST tokens. As of the time of this writing, Terra-based applications only have a locked value of $40 million spread across seven protocols.

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