By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
    • Event List
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Do Kwon and Terraform Labs announce a governance vote for a new chain
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
    • Event List
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > Do Kwon and Terraform Labs announce a governance vote for a new chain
News

Do Kwon and Terraform Labs announce a governance vote for a new chain

news room
Posted news room May 19, 2022 1.1k Views 4 Min Read
Updated 2022/05/20 at 7:06 AM
Share
Terraform Lab, Terra, defi, bitcoin,btc,usdt
SHARE

As the Terra ecosystem continues to fall, Terraform Labs announces it will hold a governance vote on May 18 to decide on hard forking LUNA as a recovery solution. This decision was announced by Do Kwon, co-founder of Terra-LUNA blockchain who suggested that a creating new chain with LUNA can be a good recovery plan to save the ecosystem. 

Terraform Lab, Terra, defi, bitcoin,btc,usdt

TerraUSD (UST) and LUNA have been facing the crypto history’s biggest sell-out following the crypto crash and protocol design flaws that affect almost every cryptocurrency on the global market. Although other cryptocurrencies are able to recover from this crisis, Terra crypto tokens gave up midway.

UST, which was once a thriving stablecoin is now below $1 and refuses to maintain its previous position despite various attempts. Similarly, with stablecoin being unstable, LUNA has dropped to the lowest of the lows, causing anxiety among all LUNA traders.

Do Kwon announced that Terra is in recovery mode after the blockchain halted its operations and the coins left on various crypto exchange platforms.

The co-founder of the Terra-LUNA ecosystem Do Kwon recently came on Twitter to announce that Terraform Labs is considering hard fork LUNA as a solution to save its ecosystem.

2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLh

A thread on our reasoning:

— Do Kwon 🌕 (@stablekwon) May 16, 2022

According to him, if the hard fork of LUNA happens, the previous blockchain will continue to exist as Terra Classic (LUNC) to avoid any losses to traders. Furthermore, the UST will not be linked as stablecoin in the new chain. This means Terra might abandon UST in the old blockchain and introduce a new chain.

According to the CoinTelegraph article by technology writer, Zhiyuan Sun, this recovery plan hasn’t been implemented yet as Terraform will first hold a governance vote in its DAO community to gain the members’ trust back and ensure that the decision it will make is approved by the majority.

If the decision passes through a governance vote, Terra will airdrop new LUNA tokens to previous holders and essential developers of the Terra Classic blockchain, now known as the LUNC holders.

The LUNC pool is will be capped at $1 billion from which 70% will go to LUNC and UST holders gathered from the snapshots of May, the remaining 25% will go to the community, and 5% to classic Terra developers. By dividing this airdrop, Terraform Labs hopes to recover its currently halted ecosystem.

Prior to Do Kwon’s announcement, Luna Foundation Guard announced that it has used the majority of its Bitcoin reserves to recover UST’s dollar peg; however, the need for external capital still remains. Thus, Do Kwon is adamant about hard forking LUNA and creating a new chain as a solution.

Final words

Following Do Kwon’s announcement, the CEO of Binance Changpeng Zhao disagreed with Terra’s plan to hard fork LUNA; he suggests buy out and burning as an effective strategy to recover LUNA.

Whatever final decision Do Kwon and Terraform Labs makes, LUNA traders are anxiously waiting for the token to rise and recover from the growing losses as the crypto market continues to see bearish patterns.

See the detailed Terra-LUNA ecosystem recovery plan by Do Kwon here.

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Whatsapp Whatsapp
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article dubai DAMAC Group, DAMAC Group, Dubai DAMAC Group metaverse, DAMAC metaverse, metaverse, DAMAC, Cavalli, Cavalli estates, Cavalli estates metaverse Dubai’s DAMAC Group and Roberto Cavalli are moving to the #Metaverse!
Next Article Andrea Panconesi, Wear3 NFT, nft, Wear3, wearable NFT EXCLUSIVE: Panconesi’s Wear3 NFT marketplace to launch its first wearable digital collections
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest Tweet

Tweets by nftstudio24
  • INTERVIEW, NewsJan 13, 2023

    NFTStudio24 Interview with Michael Sofaer from Pylons, Ryan Day from Blockworks, and Nick Vale from ReNFT

    NFTStudio24 held a podcast interview with Michael Sofaer from
    Read More
  • PRESS RELEASESep 21, 2023

    Partnerships Announced at Climate Chain Coalition Press Conference at UNFCCC Conference in Bonn

    Bonn, Germany, June 1, 2023,  The Slovenian Ministry of
    Read More
  • PRESS RELEASE, WEB3Sep 20, 2023

    Next Block Expo Returns to Berlin – Leading European Blockchain Festival to be Held on December 4-5th, 2023 at CineStar CUBIX, Alexanderplatz.

    Next Block Expo (NBX), the Blockchain Festival of Europe,
    Read More
  • PRESS RELEASESep 20, 2023

    Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

    Dubai, UAE —The Blockchain Economy Dubai Summit is generating
    Read More
  • EVENTS, WEB3Sep 19, 2023

    TOKEN2049: Singapore Sparks Bullish Sentiment, NFTStudio24 Concludes its Successful Trip

    TOKEN2049 is all about being bullish and celebrating the
    Read More
  • PRESS RELEASE, WEB3Sep 19, 2023

    NFTStudio24 CEO Hinza Asif Concludes Trip to Singapore with Successful Global Alliances

    NFTStudio24 CEO Hinza Asif visited Singapore to explore its
    Read More