Terraform Labs co-founder and CEO Do Kwon has released a recovery plan for Luna and its algorithmic stablecoin TerraUSD (UST).
Do Kwon published a proposal to rebuild the chain in a post on the community forum on Friday, May 13. Forking the chain in the proposal and It is proposed to create a new coin of 1 billion units. In the problem processes of this new coin to be issued, it is in hand. UST and LUNA distribution to the holding investors.
CEO Kwon suggested that the coin be distributed to the LUNA and UST holders and the community pool to finance future processes. The new coin 40% of To LUNA owners by taking a snapshot of the chain just before UST drops below $1, other 40% of UST holders during network upgrade, remaining 20% off your part 10% of to UST holders and last remaining before chain stop 10% of and will be forwarded to the community repository for development purposes.
CEO in posted post “a decentralized economy needs decentralized money” He emphasized that the vision of the recovery plan is to start a new decentralized process. Within the framework of this vision, it is stated that UST is not concerned about success, but that the community He said he would find ways to adopt a decentralized currency.
He stated that Terra should first aim to protect the part in the current layer 1, and then talk about decentralized currency after the situation calms down.