Terraform Labs founder Do Kwon recently Terra (Luna) He introduced the “Terra Ecosystem Revitalization Plan” in his post on the forum.
Do Kwon: “Terra Blockchain Reboot and 1 Billion New Tokens Distributed to LUNA and UST Investors”
Kwon’s “Revival Plan” includes the reboot of the entire Terra Blockchain and the full distribution of 1 billion new tokens to UST and LUNA investors.
After the validators reset the network, the distribution of 1 billion new tokens will be done as follows:
- 400 million tokens (40%) will be distributed to LUNA investors before the UST stablecoin drops below $1.
- 400 million tokens (40%) will be proportionally distributed to UST investors at the time of the new network update.
- 100 million tokens (10%) will be distributed to LUNA investors at the time the old chain is discontinued.
- 100 million tokens (10%) will be transferred to the community pool for future development steps.
As it is known, this week Terra’s stablecoin TerraUSD (UST) Its price, which should have been indexed to 1 dollar, entered a death vortex and fell to around $0.0010, and over $30 billion of assets were deleted. The price of UST’s sister token, LUNA, has also been nearly zero due to the constant release of tokens.
The price of the LUNA token was trading at $80 just last week.
Do Kwon, who founded the Terra Blockchain with his team at Terraform Labs, acknowledged that the Terra ecosystem has completely collapsed in his post, which he shared today and includes new proposals.
On the subject, Kwon said:
“Even if the UST price was stabilized at $1 again after the last marginal buyers and sellers were capitulated, LUNA investors were so severely liquidated and diluted that we wouldn’t have the ecosystem to rise from our ashes.”
Kwon continued his words with UST investors:
“UST investors should have a large stake in the network because they deserve a compensation for the tokens they hold to the fullest as the network’s debt holders.”
*Not investment advice.