JAKARTA – Terra Co-Founder Kwon Do-hyung, otherwise known as Do Kwon has unveiled a plan to make the Terra community revive. He is said to have given up on recovering the stake of Terra's stablecoin, UST.
Do Kwon on May 13 stated that he had planned a revival for the Terra community. The plan is a call to abandon the UST stablecoin completely. Instead, Do Kwon advised validators to reset network ownership under the new token. This is done by cutting the chain and distributing it to compensate all parties who have suffered damage.
UST failure
Do kwon stated that the UST stablecoin project has failed. In a forum on Friday, Kwon argued that Terra (LUNA) was experiencing a very worrying dilution. Thus, the combined TerraUSD (UST) ecosystem cannot be rebuilt, even if the UST stake is restored.
According to CryptoPotato, UST is the third-largest former stablecoin pegged to the US dollar, while LUNA is a governance token that provides support for the UST stake. Every coin has collapsed by 84% and 99% this week, respectively.
Kwon argued that the collapse had shattered trust in UST. This causes the coin to be unable to function as the expected “decentralized money”.
"While UST has been the main narrative of Terra's growth story over the past year, the Terra ecosystem and its community are something worth preserving", Do Kwon said in a statement.
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Compensation for the Community
Compensation for the Terra community is to distribute 400 million Terra forks to Terra (LUNA) holders before UST de-pegged for the first time this month. However, this does not include Terraform Labs. It is intended that this new chain is “publicly owned”.
Another four hundred million tokens will be distributed to UST holders upon upgrade. This is to make it intact to hold Terra's debt. The next 100 million will go to the last holder of LUNA before the Terra chain is discontinued, with the last 10 percent dedicated to the community pool. "I will always be here."
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