Terra CEO Do Kwon proposed a new fork, presenting the second of his salvation plan to the community.
In his proposal, Do Kwon stated that as in the previous proposal, Terra should be forked, the name of the old chain should be changed to Terra Clasic and the coin would be LUNC. If the proposed proposal passes the vote, all the details detailed in this proposal will be carried out.
More from Terra UST
Kwon, who started his proposal by stating that Terra is more than UST, evaluated the failure of UST by referring to the hack event that Ethereum experienced in 2016: “This event is the moment of Terra’s Dao hack.”
New chain without algorithmic stablecoin
With the newly created chain, the existing Terra network will be copied and a new network will be created. The name of the old network will be changed to Terra Classic, and the name of the new network will be Terra. The old network’s token will be named Luna Classic, while the new network’s token will be named Luna.
With the newly created Luna airdrop, Luna Classic will be distributed to stakers, Luna Classic and UST holders, as well as Terra Classic developers.
Average annual stake rates of 7% will be offered to ensure network security.
News is being updated…