Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Seeking Alpha 2022-05-13 19:02:04

Do Kwon calls for restart of Terra blockchain in 'revival plan'

Terraform Labs founder Do Kwon on Friday has published a much-awaited "revival plan" for the Terra ecosystem, as billions of dollars have been wiped out from Terra's LUNA tokens (LUNA-USD) and stablecoin TerraUST (UST-USD), according to an online forum Friday. LUNAs (LUNA-USD -99.5%) are changing hands at less than one cent in afternoon trading, compared with nearly $85 just a week ago. TerraUST (UST-USD), the sister token of LUNA, is a whopping 85% away from its $1 peg, changing hands at $0.15. “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” Do Kwon said. Do Kwon's proposed rescue plan ultimately calls for a redo of the Terra blockchain by getting validators to reset network ownership to 1B coins distributed among LUNA and UST holders. Moreover, 40% of those tokens would be directed to UST holders before the de-pegging event. Another 40% goes towards UST holders

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.