Terra co-creator Do Kwon reappeared on Friday after a brief absence from Twitter and social media to offer a “ecosystem revival plan” for the network.
He claims that UST will not return, and that the Terra blockchain will need to disperse tokens in order to continue forward.
Do Kwon said:
“I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money.”
The statements came just hours after Kwon proposed, via a Terra discussion site, to essentially restart the network by distributing 1 billion tokens to affected holders and users.
Kwon proposes resetting the distribution of the network’s LUNA governance tokens to 1 billion in order to “preserve the community and the developer ecosystem,” with 40% of those tokens being reallocated to holders before Terra’s UST stablecoin became de-pegged from the US dollar over the weekend.
Those who own UST at the time of the update will receive an additional 40%. When the blockchain was stopped for the second time in 24 hours today, LUNA investors would receive an additional 10%. The remaining 10% would be utilized to fund network development in the future.
The combined meltdown of the algorithmic stablecoin UST and Terra’s native LUNA asset resulted in significant losses for those exposed to the market, as CoinCu News reported last week. As the circulating amount of LUNA increased, the accompanying turmoil resulted in blockchain outages and market trading halts.
Terra developers stated earlier Friday that a post-mortem report describing the events of the previous week was being put together. “The strength of the #LUNAtics has been amazing. More to come,” that post said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…
Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
This website uses cookies.