Do Kwon Presents Its Plan to Revive the Troubled Crypto Project
In a recently published post on a Terra-related forum, Do Kwon laid out his plan to revive the embattled blockchain.
Kwon wants to give entangled blockchain another chance by distributing network ownership to holders of LUNA and UST.
Forty percent of the new token will be distributed to Luna holders prior to the de-pegging event (before that moment UST separated from its peg on Binance). Tokens will be distributed in equal proportions to UST holders at the time of the network upgrade to make them “as close as possible”.
The remaining 20% will be allocated to Luna holders at the last minute of the chain halving and community pool, which will fund future development.
Community stakeholders will be able to receive a total of one billion newly issued tokens. As such, Kwon wants to encourage existing members not to leave completely after the collapse of the project.
As reported by U.Today, the LUNA coin almost rallied to zero due to heavy 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 has said that the network will have to be reorganized in order to preserve the vast ecosystem of developers.
The controversial founder has acknowledged that the entire system has seen a total death. Now, the network has to be backed up from scratch.
Kwon hopes the community will be able to achieve “instant consent.”