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Breaking: Do Kwon Releases Another LUNA Revival Plan

Terra founder Do Kwon on Monday proposed to fork the Terra chain into a new chain without the algorithmic stablecoin. The new Luna revival plan comes in the backdrop of stablecoin crash last week following Terra network’s decline.

Forking Terra (LUNA)

The plan involves renaming the old chain to Luna Classic (LUNC) and new chain as Terra (token Luna – LUNA). Making the announcement, Do Kwon called the LUNA community unparalleled and with a builder talent pool is broader and deeper on Terra than most ecosystems.

Kwon explained LUNA airdrop plans in a tweet:

New $LUNA will be airdropped to $LUNC stakers, holders, residual UST holders, and essential app developers. Also, TFL’s wallet will be removed from the airdrop, making Terra a fully community-owned chain.

Terraform Labs will allocate a large portion of the token distribution to existing Terra developers as an emergency runway.

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 16.05.2022

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