16 May 2022 21:45, UTC.
Reading time: ~2 m
Terraform Labs CEO and co-founder Do Kwon has officially proposed splitting the Terra network into a new network.
Kwon circulated a new proposal today in a post on the Terra discussion forum following the collapse of Terra-based assets. This adds to his original revival plan, published last week, which was to restart the Terra blockchain. That original proposal was to create one billion tokens to distribute to stakeholders to encourage them to stay and rebuild.
“The UST binding failure is Terra’s DAO hacking moment, a chance to rise again from the ashes,” Kwon said in his post.
This latest addition proposes to branch the Terra chain into a new “Terra” with the token “Luna,” while the old chain becomes “Terra Classic“, and the original Luna tokens will become “Luna Classic” (LUNC). The new Luna will be sent out to Luna Classic holders, stackers, Terra holders and Terra Classic app developers. The intention is for the network to be “public” and to target an inflation rate of 7% through stacking rewards.
Creating one billion Luna is still part of the proposal. Kwon suggested that a quarter of those tokens go to the community pool in a branched chain controlled by share management, 5% to the developers, 35% to the wallets that held Luna before the attack, 10% to Luna holders at the launch of the new network and 25% to UST holders on the vesting schedule.
The proposal will come up for a vote on May 18.
Kwon explained why he favors this path forward, stating that the developer talent pool is “broader and deeper in Terra than in most ecosystems” and that “Terra’s blockchain is incredibly robust, as evidenced by recent events.”
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