After two days of silence, Do Kwon, the founder and leader of Terra, has launched a recovery plan. With this, Do Kwon hopes to keep the community alive and compensate token holders for the horrific losses they have suffered over the past few days. The entire debacle has wiped out billions of dollars of wealth in total. The UST stablecoin has practically died and the LUNA token is creeping closer and closer to zero.
Do Kwon .’s plan
On the Terra research forum wrote Do Kwon yesterday about his plan to revive Terra. “The Terra community needs to reconstitute the blockchain to keep the developer community and ecosystem alive,” said Do Kwon. The project’s fallen leader responded with his proposal to a group of people discussing the possibility of forking the Terra blockchain.
That is, they set up their own version of the blockchain to arrange everything just in a different way. Do Kwon suggested that the blockchain’s validators reset the network and reduce the maximum number of tokens to 1 billion. To then distribute those tokens among LUNA and UST holders and a community pool to fund future development.
In Do Kwon’s proposal, 40 percent of the tokens will go to LUNA token holders who owned the asset before the whole drama started, 40 percent to UST token holders, 10 percent to LUNA token holders who owned the asset at the time of the blockchain. gave up and the last 10 percent to the development pool.