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Do Kwon’s Proposed Terra ‘Revival’ Puts UST, LUNA Holders in Charge
A “Revival Plan” submitted Friday by the Terraform Labs CEO would redistribute ownership of the network.
By Sam Kessler
Updated Apr 14, 2024, 10:38 p.m. Published May 13, 2022, 5:05 p.m.
Terraform Labs founder Do Kwon, in a forum post submitted 30 minutes ago, proposed a “Terra Ecosystem Revival Plan.”
Kwon’s “Revival Plan” amounts to a restart of the entire Terra blockchain, with network ownership getting distributed entirely to UST and LUNA holders through 1 billion new tokens.
STORY CONTINUES BELOW
The plan comes as Terra’s terraUSD (UST) stablecoin, which is supposed to be pegged to the price of $1, “death spiraled” below 15 cents this week – wiping out over $30 billion in value. UST’s sister token, LUNA, which propped up the stablecoin’s value, has fallen to below a penny (LUNA was worth above $80 just a week ago).
In Friday’s proposal, Kwon, who created the Terra blockchain with his Terraform Labs team, concedes that the Terra ecosystem has experienced total collapse.
“Even if the [UST] peg were to eventually restore after the last marginal buyers and sellers have capitulated, the holders of Luna have so severely been liquidated and diluted that we will lack the ecosystem to build back up from the ashes,” Kwon wrote.
He continued, “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.”
This is a developing story. Check back for updates.
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