Terra Adds an Amendment to Do Kwon’s Revival Plan, Survey Reveals UST Losses
The team behind the Terra (LUNA) blockchain has added three revisions to the already published “revival plan” by co-founder Do Kwon – increasing genesis liquidity and decreasing distribution to certain terraUSD (UST) holders.
Following the infamous UST stablecoin depeg and a wave of subsequent debate and controversy, Terra has published what they call “an amendment to Proposal 1623” in which they said they incorporated the community feedback.
The three revisions are outlined as follows:
1. Increasing genesis liquidity
2. Introducing a new liquidity profile for pre-attack LUNA holders
3. Decreasing distribution to post-attack UST holders
“The proposal body has also been edited to reflect the changes in the amendment. If you’ve already voted and disagree with the changes, please vote “No” - you have 5 more days to do so,” states the amendment.
At the time of writing, 49% of Terra validators voted, with 80% supporting the initial proposal, while 15% said no and the absolute majority of them have the veto power. However, the veto threshold is 33.40%.
Quite a few people in the community were not happy with one or more aspects of this decision.
Meanwhile, the Terra Research Forum’s pseudonymous FatMan, provided more details about the collapse of Anchor Protocol that “took people's life savings with it.” Anchor lending protocol housed the majority of UST’s circulating supply, and it was used as a key incentive mechanism for users to hold UST with its high yields of 20%.
FatMan states that, based on the data collected from 703 people who said they lost money on UST, the lowest verified claim is USD 11.5, the highest from a single person is over USD 5.5m. The median claim per person is USD 23,438, and the average claim is USD 94,869.
Furth
Read more on cryptonews.com
