Luna recently faced a historic crash in the cryptocurrency market, which has thrown a wave of challenges for investors who lost their hard-earned money. Do Kwon, Terraform Lab’s founder, tweeted, sharing a revival plan for the Terra ecosystem that he termed Terra2.0.
The tweet thread explained the new plan that their team intended to initiate to resurrect the Terra ecosystem. Further elucidating the plan, he said that the new Terra version wouldn’t include algorithmic stablecoin. The new chain will be called Terra2.0; similarly, the older one will become LUNC or Luna classic.
Kwon announced that soon the Terra2.0 would be airdropped into the wallets of the Terra classic holders, developers and residual TerraUSD holders.
Certain updates on the new chain will surely enable users to gain a better standard and stability. As per the latest reports, with Terraform Lab’s wallet removal from the airdrop whitelist, the Terra blockchain will act as a community-owned chain. In Terra2.0, users will get only 1,000,000,000 LUNA.
Token distribution is regarded as pivotal to the ecosystem’s restoration. If we go as per Kwon’s statement, then it seems that the new version will focus on developers as they will receive emergency funds to develop the runway for users’ convenience.
The revival plan is still under approval by the crypto community, and Kwon is waiting for positive feedback before he proceeds with Terra’s rebirth. Investors and market analysts are waiting for the votes to get over to understand whether to move forward with the revival plan or not.
Let’s hope for the best……..