As the Terra Luna Crashed Hard last week along with the De-peg of Terra USD(UST) ,Now the Founder of Terra Do Kwon has came up with a recovery plan of Luna .

https://agora.terra.money/t/terra-ecosystem-revival-plan/8701

Luna Foundation Guard CEO, Do Kwon, has written a proposal that suggests forking LUNA to a new chain using a snapshot from before the attack. He details a recovery plan that includes giving the new blockchain to the community and not including the LFG wallet.

Do Kwon stated that :-

The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.

Do Kwon’s Proposal :-

According to Kwon’s new proposal to revive the Terra Ecosystem he has given a proposal that Terra will have a new Chain and which will have cap of 1 Billion coins .And his proposal includes the following :-

· 400M (40%) coins will be given to Luna holders before the de pegging event (last $1 tick before the depeg on Binance should be reasonable)

· 400 million to “UST holders at the time of the upgrade,”

· 100 million to LUNA holders at the “final moment of the chain halt”

· 100 million to a community pool.

· Except for the 100 million tranche, all LUNA should be “staked at the network genesis state.”

~The most weird what I felt in the his proposal to the community is he never offered a apology to the community and what I think from his statements he is not going to stepdown as he said ‘’I will be always here’’

Community ownership

The focus, it appears, is now centered on the developer community and ecosystem. Do Kwon clearly states a desire to “preserve this amazing ecosystem… preserve its L1.” In a “call to action”, he states,

“Why does this redistribution make sense? UST holders need to own a large share of the network, as the network’s debt holders they deserve to be compensated for the tokens they have been holding to the end.“

He also accepts that UST has “lost too much trust with its users”, claiming that any attempt to salvage the current blockchain would be impossible as

“Holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes.”

The response

The response to the proposal has been mixed with 4.3k replies since going live. When asked if he felt responsible for what had happened, he chose to ignore the question and answer another part of the user’s response.

Many responses are from LUNA holders instead of the developer community, with countless stories of investors who have lost money. Many replies disagree, calling the plan “rubbish” and “unfair.”

source- Terra Ecosystem

Now upcoming time will be too exciting for Terra fam and Do Kwon Too!!

Hope you liked this!!