On May 18, at 11:00 a.m. (UTC-8) in the Asia time zone, the proposal will go up for a governance vote.
Kwon Do, co-founder of the damaged Terra Luna blockchain, announced on Monday a revised recovery strategy after a large portion of the market cap was lost when market volatility and inherent protocol design problems combined.
On May 18, Kwon informed that Terraform Labs will propose a new governance plan for the Terra Luna blockchain on May 18, known as Terra (token name: LUNA).
The new chain will not, however, be linked to the UST stablecoin. Meanwhile, the existing Terra blockchain will keep operating under the name Terra Classic (LUNC). Kwon’s plan, if implemented, will see the new LUNA blockchain go live on May 27.
Under the plan, LUNC holders, UST owners, and essential blockchain developers will receive new LUNA tokens. Furthermore, the wallet address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 at Terraform Labs will be removed from the whitelist of the airdrop, making Terra a completely community-owned network.
The maximum supply of LUNC is set at 1 billion, with 25% earmarked for the general pool and 5% designated for essential developers.
The Luna Foundation Guard, the ecosystems’ caretaker, revealed today that it used up a large portion of its cryptocurrency assets to guarantee UST’s peg throughout the market sell-off.
As a result, the Terra ecosystem is highly unlikely to recover on its own without outside help. Changpeng Zhao, the CEO of Binance, said that he would offer his support to the Terra community but wanted more transparency from the organization regarding recent events.