Do Kwon Proposes Splitting Terra Into Two Blockchains

After last week’s de-pegging of UST stablecoin and price meltdown of LUNA, Terra’s founder, Do Kwon, has offered a new strategy of forking the Terra network into a new chain which will abandon the algorithmic stablecoin UST.

Do Kwon Proposes Splitting Terra Into Two Blockchains

Forking LUNA’s Blockchain to Make Terra Classic

In a Twitter thread, Terraform Labs CEO Do Kwon announced a second revival plan for the failing Terra ecosystem. Under the proposal, the network will be forked into two blockchains with the original chain being called Terra Classic with its LUNA Classic (LUNC) token, while the new one will be called Terra (LUNA).

Kwon’s proposal is reminiscent of the 2016 Genesis DAO exploit, which led to the birth of the current Ethereum chain while the original Ethereum chain came to be known as Ethereum Classic.

The proposal also includes airdropping the new LUNA tokens to LUNC and UST investors and stakers and transferring ownership of the new network to the community.

Terraform Labs will put up the proposal for a governance vote on May 18th, Asia time. If successful, the new chain could go live on May 27.

Do Kwon: “Terra is More Than UST”

LUNA, which was trading at over $65 last week, is currently next to worthless at around $0.00018. Its sister stablecoin, UST which was once the world’s third-largest with a market capitalization of $18 billion, has collapsed to $0.098.

“The Terra ecosystem and its community are worth preserving,” Kwon mentioned in his recent tweet, adding that “Terra is more than $UST.”

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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