The founder of the Terra (LUNA) network, Do Kwon, recently announced a new plan to bring Terra back to life. It will not have escaped anyone’s attention that both Terra and the accompanying UST stablecoin has completely collapsed and with this new plan the network should be grounded again. The great man and party leader of Forum for Democracy (FvD), Thierry Baudet, announced on Twitter yesterday that he fully supports this new plan.
Terra recovery plan
Central in the recovery plan Terra stands for the splitting of the network; a so-called hard fork† This would mean that the old Terra network will be split into the new Terra network (LUNA), without algorithmic stablecoins, and the old network will be named Terra Classic (LUNC). Both chains will co-exist, according to Do Kwon.
Owners’ original LUNA tokens will be transformed into LUNC and then they will receive a airdrop a load of new LUNA tokens. UST holders would also be entitled to these new LUNA tokens. All tokens will be owned by the community and not by wallets from Terraform Labs, Kwon said.
Thierry Baudet expresses support
Someone who completely sees this new plan is none other than Thierry Baudet. Mr Baudet said on Twitter that he thinks it is a fantastic plan and he hopes that the Terra network can continue to exist in this way.
Beautiful recovery plan. Let’s make it work!! https://t.co/aSTPsvPnhM
— Thierry Baudet (@thierrybaudet) May 16, 2022
It is nothing short of remarkable that a prominent politician in this way expresses his support for a project that, at least in the eyes of many investors, has gone quite wrong. LUNA investors have collectively lost many billions as a result of the Terra network collapse.
In addition, the criticism of the new plan by big names within the crypto industry is overwhelming. Binance CEO Changpeng Zhao For example, previously indicated that a hard fork of the Terra network would not work. The value of the new network has to come from somewhere and trust in Terraform Labs and Do Kwon is hard to find at the moment. It is simply doubtful whether the new recovery plan has any chance of success.
However, Thierry Baudet, in all his wisdom, seems to be fully behind the hard fork. Whether that is because he personally bought a large shipment of LUNA tokens is currently unknown. Thierry Baudet has, of course, done some tricks before within the world of crypto. For example, in March he launched his own non-fungible token (NFT) collection. However, this launch was anything but smooth and can really only be described as outright flop†