After a catastrophic week, stablekwon announced he will propose a plan to get the Terra community back from its ashes. If approved, a hard fork will sprout from the LUNA blockchain on May 27th.
On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain's market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra .
However, the new chain will not be linked to the TerraUSD stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic . Under Kwon's plan, if passed, the new LUNA blockchain will go live on May 27. Under the proposal, new LUNA tokens will be airdropped to LUNC holders, UST holders and essential developers of the Terra Classic blockchain. In addition, Terraform Labs' wallet with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will be removed from the whitelist for the airdrop, thereby making Terra a fully community-owned chain.
Earlier today, the Luna Foundation Guard, the ecosystems' steward, disclosed that it used up an overwhelming portion of its cryptocurrency reserves
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