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.
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