A post titled “Terra is bigger than UST” came from Terra founder Do Kwon.
The famous founder shared that they created a new comeback plan after the recent events and said;
“Terra is more than UST.
We have prepared a new proposal for Terra, taking into account the feedback we received from the community on the best steps to take.
The following basic principles form the basis of our thinking:
- The Lunatic community is unique in its passion.
- Developers are broader and deeper than in most ecosystems.
- Recent events have proven that the Terra blockchain is incredibly robust.”
Expressing that it is very difficult to meet at a common point that will please everyone, Kwon explained his new offer with the following words;
“The Terra blockchain will fork into the new chain without the algorithmic stablecoin. The old chain will be named Terra Classic token LUNA Classic (LUNC), and the new chain will be named Terra token LUNA.
The new Luna will be airdropped to LUNC holders and UST holders.”
According to the statement, a bid for the fork of the network will be launched on May 18, and coordination will be ensured so that the fork takes place on May 27.
Kwon concluded with the message, “Terra is my family and I’ll be here no matter what.”
The planned process is as follows (There is a shift in the dates written in Asian time)
05/17 – Announcement
05/18 – Management offer
05/21 – Terra Core release will be discontinued to provide network initialization instructions for validators.
05/25 – Basic app developer registration will be completed.
05/27 – Genesis file will be created from last launch snapshot.
05/27 ~ Network initialization
Although Luna is up 25% after the announcement, it is still trading around $0.00020.
*Not Investment Advice.