TerraUSD Founder Plans to Build Another New Blockchain from Its Network

Do Kwon, co-founder of the troubled Terra Luna blockchain, presents a proposal to restore the ecosystem aftermarket volatility and protocol design flaws wiped out the market cap.

Source: Terra

LUNAUSD down -4.17%, USTUSD down -14.31%

Terraform Labs will come up with a governance proposal on May 18 to fork the Terra Luna blockchain referred to as Terra (native token, LUNA).

Meanwhile, the new chain will not be linked to the TerraUSD (UST) stablecoin. The old Terra blockchain will continue to exist with UST and will be referred to as Terra Classic (LUNC).

Under the new program, new LUNA tokens will be airdropped to LUNCH holders, UST holders, and essential developers of the Terra Classic blockchain.

The proposed supply of LUNC is limited to 1 billion, with 25% going to the community pool, 5% to critical developers, and 70% allocated to LUNC and UST holders at different events in May.