Do Kwon outlined his plan to revive the beleaguered cryptocurrency project
In a recent post on a Terra-related forum, Do Kwon outlined his plan to revive the beleaguered blockchain.
Kwon wants to give the beleaguered blockchain another chance by distributing ownership of the network to LUNA and UST holders.
Forty percent of the new tokens will be distributed to Luna holders prior to the unpeg event (the time before the UST decouples from its Binance peg). An equal share of tokens will be distributed to UST holders on a pro rata basis at the time of the network upgrade to make them “as much as possible”.
The remaining 20% will be allocated to Luna holders at the last moment of the chain’s shutdown and to the community pool, which will fund future development.
Community players will be able to receive a total of one billion newly issued tokens. In this way, Kwon wants to encourage existing members not to completely abandon the project after the collapse.
As reported by U.Today, the LUNA token has crashed to near zero due to massive inflation and selling pressure. The total circulating supply of the cryptocurrency currently stands at 6.5 billion tokens. Meanwhile, the UST stablecoin has completely lost its peg, currently trading at just $0.17.
Kwon felt that the network needed to be replenished in order to preserve the large ecosystem of developers.
The controversial founder acknowledged that the whole system has witnessed a total demise. Now the network must be rebuilt from scratch.
Kwon hopes the community will be able to reach a “quick consensus”.