Terra is undergoing some challenging times since both of its tokens, LUNA and UST crashed pretty hard. However, since its crash, the network is finding ways of making a strong comeback in the market. The Co-Founder of Terraform Labs, Do Kwon has remained hyperactive in structuring a roadmap for the revival of the network.
Moreover, the Terra Builder Alliance has recently presented a visionary proposal for the new Terra Chain 2.0. Each stakeholder has majorly contributed to the LUNA Go Forward Proposal. The proposal clarified that the Terra ecosystem and its community have a strong history that is worth preserving.
The Terra Builder Alliance is excited to finally share a united proposal for the vision of the new Terra 2.0 chain.
This united proposal has only been possible through a superhuman effort from everyone involved. https://t.co/IiS5M3eLTD
— TerraBuilderAlliance (@TerraBuildersU) May 18, 2022
With hundreds of developers, strong infrastructure, a solid community, and an exemplary Terra station, the network is anything but dead. Also, the document emphasized how the de-pegging of UST from $1 provides a new opportunity to rise again.
Terra Chain Might Develop Without the Use of an Algorithmic Stablecoin
The Terra Builder Alliance suggests forking the Terra chain into a chain that no longer requires the algorithmic stablecoin. It is a somewhat similar move to Ethereum, as the old chain will be renamed Terra Classic. Its native coin will have the name of LUNA Classic, LUNC. Nonetheless, the new chain will have the name Terra, and LUNA will be its native coin.
To reward the current stakers and holders of LUNA Classic, the new LUNA token will be distributed among them through an airdrop. It will also be distributed among UST holders and app developers of LUNA Classic. Moreover, Terra will become a community-owned chain.
In the new LUNA’s token distribution, 0.5% of the total supply will be kept as an emergency allocation. Another 1.50% of the token supply will be saved for the developer alignment program, and 8% of the tokens will be allocated to the developer mining program.
In the token’s overall distribution, 35% will go to pre-attack LUNA holders. A further 25% will go to the community pool. About 10% tokens will be specified for pre-attack aUST holders. Another 10% will be kept for post-attack LUNA holders. The remaining 20% will be given to the post-attack UST holders.
The pre and post holder details will be derived from the snapshots taken by the network on different block heights. In the proposal, the stakeholders also presented a timeline for different events in the chain upgradation procedure. The final network launch date is set to be May 27.