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Terra Community Plans to Vote on Forking the Chain Launch May Airdrop a Billion New Tokens to Network Participants

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Bitcoin.com
By Jamie Redman

Following the aftermath of Terra’s UST implosion, the blockchain project’s founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens from the network will be airdropped to Terra ecosystem participants and holders.

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Terra Community Members Plan to Vote on a Fork Proposal to Revive the Broken Project

Last week the Terra blockchain ecosystem was obliterated and the project’s native tokens lost significant value. At the time of writing, a single LUNA token is trading for under a U.S. penny and the once-stable coin terrausd (UST) is changing hands for $0.09 per unit. During the last few days, Terra’s team — Terraform Labs — and the community have been discussing how to remedy the project’s fallout and give value back to the blockchain’s participants and holders. On May 16, Terra’s founder Do Kwon published a revival plan that aims to fix the project’s problems, and the proposal will be voted on Wednesday, May 18.

The proposal called “Terra Ecosystem Revival Plan 2” aims to fork the blockchain into a new chain that doesn’t involve adding an algorithmic stablecoin. The old chain will be called “token Luna Classic or LUNC” and the new chain will inherit the original branding by being called “Terra LUNA.” Following the split, the new tokens will be airdropped to Luna Classic holders, stakers, application developers, and residual UST holders. The wallet owned and operated by Terraform Labs (TFL) will be removed from the airdrop entirely.

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