Terra (LUNA) comes up with a new plan: a hard fork!

As you probably already knew, Terra (LUNA) has completely collapsed. Where the altcoin was once worth $119.18, now only $0.0001885 is left. Is this the end of Terra? Not if it is up to the co-founder of the Do Kwon project. He wants a hard fork to make a fresh start.

Terra founder shares new plans LUNA

Anyone who follows the crypto news a bit will have come across the words “new plans” in combination with “LUNA” before. Previously, Kwon suggested distributing 1 billion tokens among the UST and LUNA holders and thus continuing the ecosystem.

In a new plan, however, Kwon announces that it wants to split the network into a new network, which is also known as a hard fork. The founder explains in a series of tweets what this plan looks like.

Because it will probably be difficult to reach consensus on a plan due to the competing interests of, for example, LUNA and UST holders, and developers, Kwon wants to do it differently, namely:

“The Terra chain as it currently exists should be split into a new chain without algorithmic stablecoins called “Terra” (token Luna – $LUNA), and the old chain should be called “Terra Classic” (token Luna Classic – $ LUNC). Both chains will co-exist.”

“LUNC” owners receive LUNA airdrop

The owners of LUNC (the old version of LUNA) will then receive an airdrop of the new version of LUNA. The wallets of Terraform Labs will be excluded from this airdrop so that Terra really comes into the possession of the community.

Whether this will work is of course the big question. For example, the value in the new network has to come from somewhere. And given that confidence in the project couldn’t be lower, getting it off the ground will be tough.