Amid headwinds, Do kwon standing against all odds to revive Terra

economictimes.indiatimes.com:

Terra debacle, Terraform Labs is all set to launch Terra 2.0, the so-called revival of the blockchain. The previous token has been renamed as Terra Classic (LUNA). Terra's ecosystem has imploded as terraUSD (UST) algorithmic stablecoin was dragged from $1 earlier this month. This had also jittered the sentiments for other stablecoins as well, with some still struggling to get re-pegged. UST is now renamed TerraUSD Class, with a price of merely three centas as its value nosedived more than 50 per cent in the last 24 hours. Terra Classic (LUNA) dropped close to another 20 per cent, with a sharp fall in volumes.

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On the other hand, Do Kwon's team is working on the revival plan, which is now moving forward after the conclusion Wednesday of a vote among network validators, with a 65 per cent approval rate. According to the action plan, investors who held more than 10,000 LUNA tokens before UST’s implosion will receive the new tokens periodically, to prevent immediate selling. Over 30 per cent of their tokens would be unlocked initially, and the remaining 70 per cent would be released over two years. New tokens will be distributed after six months to the eligible holders. Edul Patel, CEO and Co-founder, Mudrex said that the new revival plan to create a hard fork without the algorithmic stablecoin is a bold move. «However, the existing chain fades from its glory on most occasions after a hard fork. That being stated, it would be interesting to witness how the event unfolds,» he added. Majority of the community voted in favour of the hard fork of the Terra blockchain.