Key Takeaways:
- The founder of Terra plans to relaunch the network in a new form.
- The plan is the last shot of the network towards survival.
Update:
The Terra team’s continuous effort to revive the Terra ecosystem has finally got a nod from the community. The revival plan has received a 65% positive vote and Terra 2.0 is all set to launch on May 27, 2022. Binance has also teamed up with the Terra team to provide customers of Binance who got affected by the Luna fiasco with the best solution.
After the recent crash of Luna, the founder of the algod stablecoin, Do Kwon, came up with a revival plan to give the ecosystem the necessary boost. The ecosystem got compromised because of liquidation and dilution by the holders. Kwon shared, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.”
On the official website, the founder shared a redistribution plan on May 14. He mentioned that validators must work towards resetting the network ownership to 1B tokens. He has also justified his strategies. Do explain, that the debt holders of the network must receive tokens as compensation. He said that redistribution is the only way to the network’s survival.
On May 16, Do Kwon shared an updated version of the plan and marked it as ‘Terra Ecosystem Revival Plan 2’. The community is set to put forward a proposal for a governance vote on May 18 Asia time. The aim is to “coordinate the fork with the community” and if approved the proposal will follow the set timeline.
To motivate the community, he has also said, “Terra is more than $UST.”
The plans laid out for reviving the ecosystem include forking the chain into a new one without utilizing the algorithmic stablecoin. Now onwards, the new chain will be referred to as ‘Terra’ and the former as ‘Terra Classic’.
There will also be a Luna airdrop, an allocation of token distribution for emergency runaway, and for aligning the interests of developers with the long-term success of the ecosystem. There are also plans of encouraging the security of the network with the help of token inflation.
It will also be offering emergency allocation and alignment allocation to essential app developers who will be launching on the network. Other than these, the announcement also includes details regarding token distribution, roles & responsibilities, the timeline, and other technical details.
According to the present timeline, Terra will be launching in a new format on May 27, 2022.
