scorecardresearch
Do Kwon reveals Terra Luna ‘Revival Plan 2’ 

Do Kwon reveals Terra Luna ‘Revival Plan 2’ 

The cryptocurrency Terra Luna was nearly wiped out amid the TerraUSD de-pegging fiasco and Do Kwon has now released a Revival Plan 2 for the Terra ecosystem 

 Do Kwon has now released a Revival Plan 2 for the Terra ecosystem  Do Kwon has now released a Revival Plan 2 for the Terra ecosystem 

Do Kwon, the founder of Terraform Labs has revealed his Revival Plan 2 for the Terra ecosystem in a recent tweet thread on Monday.

He published a thorough tweet thread explaining how the team intends to resurrect the Terra ecosystem and the steps they intend to take.  

Kwon explained in the thread that while Terra's primary focus and growth were previously centered on TerraUSD, after its collapse, Kwon asserts that Terra is more than just its failed stablecoin. 

Kwon recommended forking the old Terra chain into a new chain that does not include the algorithmic stablecoin. The Terra Classic token (LUNC) will be assigned to the old chain, while the Terra LUNA token will be assigned to the new chain. 

He further explained that new Terra Luna will be airdropped to Luna Classic stakeholders, Luna Classic holders, residual TerraUSD holders, and Terra Classic core application developers. 

The founder further added that Terra blockchain will become a totally community-owned chain after the Terraform Labs wallet is removed from the airdrop whitelist. Only 1,000,000,000 LUNA will be available in Terra 2.0. 

Kwon went on to remark that token distribution is also critical to the Terra ecosystem's restoration. Terra 2.0, he said, would be more focused on developers since they would be given an emergency budget to build the runway. 

Also Read: Terra blockchain halted again as crypto TANKS 99.99%  
Also Read: Cryptocurrency markets crash: Terra Luna down 99.99%, will it wipeout? 

Published on: May 17, 2022, 10:45 AM IST
Posted by: aakanksha chaturvedi, May 17, 2022, 10:42 AM IST