Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
The current chain would be renamed Terra Classic, and the new chain would ditch the UST stablecoin. Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
Do Kwon, CEO of Luna/Terra, said that this was necessary to ensure that both chains could continue to operate independently but also benefit from each other’s success.
The decision to fork comes after a series of events that have shaken up the cryptocurrency market in recent weeks.
After users of the blockchain platform LUNA debated his previous proposal to redistribute tokens and abandon UST stablecoin, Do Kwon has come up with a new plan: to fork LUNA into two blockchains.
https://agora.terra.money/t/terra-ecosystem-revival-plan-2/18498
This is similar to Ethereum’s fork from Ethereum Classic, which occurred after a disagreement over how to handle a hacking incident led to one group wanting to keep the original chain while others wanted it restored from before the hack. This caused two chains to form: Ethereum and Ethereum Classic.
Kwon explained that he wants to “take advantage of all the good things being done on LUNA and then take them in my own direction.” He also said that he hopes this will lead to more users joining in on the project and contributing their own ideas as well.
The new chain will airdrop 1 billion Luna tokens between developers, UST holders, and those who held or staked Luna or its derivative projects before the price of the stablecoin de-pegged. The redistribution will include vesting schedules and token lockups for most of the LUNA, ostensibly to avoid a steep price decline as Terra determines how to move forward without UST at its center.
Other important people also supported his decision: Vitalik Buterin and other Ethereum developers commented on Twitter saying that they support Do Kwon’s last survival plan and they hope it will be successful.
