Terra proposes to create 'Luna version two'

 Do Kwon, the founder of Terraform Labs, proposes a plan to revive the Terra ecosystem

Unlike other stablecoins like Tether (USDT) or Binance USD (BUSD) that are backed by real assets, UST is price controlled through an algorithm linked to Luna. This is the reason why both are impacted and plummet in value when something goes wrong.

To fix this, Kwon said it will create a new version of the blockchain that is not related to the UST. "We plan to create a new Terra blockchain. The current Terra chain is forked. The new version uses the name Luna and is no longer linked to the UST stablecoin algorithm. The old chain will change to Terra Classic, codenamed Lunc. Both will co-exist," he said.

In the plan on the Terraform Labs homepage, the company lays out a specific roadmap for the new blockchain. Accordingly, Luna has just been airdropped (issued free cryptocurrency) to holders of Lunc (Luna after renaming) and UST. The rest is for developers and the community.

“We believe that the distribution of the new token along with LFG's remediation efforts will help the holders of old Luna and UST to reap a number of benefits. More importantly, it's the most viable route to a system revival. Terra eco," Kwon tweeted.
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