Terra’s Do Kwon lays out a plan to revive the controversial network


Alex Dovbnya

Do Kwon Has Introduced Its Plan To Revive Controversial Cryptocurrency Project

In a recent post published on a Terra-related forum, Do Kwon has outlined his plan to revive the controversial blockchain.

Kwon wants to give the controversial blockchain another chance by dividing network ownership among the holders of LUNA and UST.

Forty percent of the new tokens will be distributed to Luna holders before the de-pegging event (the moment before UST unpegged from its peg on Binance). An equal share of the tokens will be distributed pro rata to UST holders at the time of the network upgrade to make them “as many as possible”.

The remaining 20% ​​will be allocated to Luna holders at the last minute of the chain shutdown and community pool, which will fund future development.

Community stakeholders can receive a total of one billion newly issued tokens. In this way, Kwon wants to encourage existing members not to leave the project completely after the collapse.

As reported by U.Today, the LUNA token collapsed to near zero due to massive inflation and selling pressure. The total circulating supply of the cryptocurrency currently stands at 6.5 billion tokens. Meanwhile, the UST stablecoin has completely lost its peg and is currently trading at just $0.17.

Kwon believes that the network needs to be rebuilt in order to preserve the vast ecosystem of developers.

The controversial founder has acknowledged that the entire system has witnessed a total demise. Now the network has to be rebuilt from scratch.

Kwon hopes the community will be able to reach a “quick consensus”.

Leave a Reply

Your email address will not be published.