JAKARTA – In the midst of the decline in the price of Terra (LUNA) by more than 90 percent in the past few days, the founder of Terraform Labs, Do Kwon, has worked hard to restore the LUNA ecosystem.
Kwon stated that Terraform Labs will submit a new governance proposal on May 18. He intends to open the Terra LUNA blockchain hard-fork. If the hard-fork is legalized, the new LUNA blockchain will begin broadcasting on May 27.
Under the proposal, new LUNA tokens will be delivered to LUNA Classic (LUNC) token holders and UST holders, as well as key developers of the Terra Classic blockchain.
They will also remove the address of Terraform Labs' wallet, terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6. This is intended to make Terra a fully community controlled network.
The proposed LUNC supply is capped at 1 billion, with 25 percent going to community pools, 5 percent to key developers, and 70 percent to LUNC and UST holders across various snapshots of events in May, Cointelegraph reported.
The agency that maintains the Terra ecosystem, Luna Foundation Guard (LFG) explained that it used most of its cryptocurrency reserves to defend peg-UST in the massive sell-off in recent days.
Several attempts were made by the developer Terra LUNA to restore the algorithmic stablecoin Terra UST to its original position. It has the backing of a number of key players from the crypto industry including Binance boss Changpeng Zhao and Ethereum founder Vitalik Buterin, as well as TRON founder Justin Sun.
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