Do Kown and the team behind LUNA proposed a revival plan that is based on forking the blockchain from that point when the UST token was pegged to $1 as it should be.
The plan has less supply of LUNA and re-distribution of tokens to the community members who lost their money when the UST token was depegged.
Tweet about the revival plan dropped like a bomb to Crypto Twitter. For 2 years, Do Kwon, though he uses Twitter quite actively, has not tweeted after the last tweet that he foreshadowed a plan to recover.
The Revival Plan - Yay or Nay?
Do Kwon propose validators to reset the network and limit the supply of LUNA to 1B token in total? Besides, he asks for a %7 inflation as a network fee to secure the blockchain via this model of incentive.
If a crypto project losts it credibility, I believe it hits harder than dropping %90 in a week. Here we are watching the drama of Terra that lead thousands of people to lose their savings in 3 days. After that point, people cannot patiently wait for a recovering blockchain from the ruins.
Neither airdrop nor re-distribution can compensate for the loss of people. As far as I've read on Twitter, Reddit, and social media, the Terra team, a.k.a stable guys, are alone in this war.
The Distribution of Tokens
400M (40%) to Luna holders before the de-pegging event
400M (40%) to UST holders pro-rata at the time of the new network upgrade.
100M (10%) to Luna holders who defend the network
100M (10%) to the Community Pool to fund future development.
According to the Revival Plan, the hodlers of $0.0001 LUNA and $0.11 UST tokens will be rewarded in the network that is planned to reset.
It reminded me of the takeover by Justin Sun when he could not control the community. In both cases, the success would never have any possibility without that shares the same vision and goals with the team.👌🏼
Price of Terra & UST may Slightly Increase BUT
Of course, the price will pump after the "positive" news about the future of Terra. However, I think it will only make exchanges get more fees from the transactions while the Terra FUD is still hot.
Phoenix plan by Terra will have some effect on both coins but the narrative has lost its impact on crypto. Many people are ready to forget about Terra stuff and continue their crypto journey (but for people who lost their savings)
For Crypto History, the case of Terra was a catastrophic accident and we are ready to take lessons and go without Terra.
TL;DR
Terra team is trying to come up with solutions that may compensate for the losses of people to some extent. According to the plan, there is going to be a reset for the network and the number of tokens will only be 1B. To help people secure the network, there will be %7 inflation, as well.
People who lost their money only want to get "pegged" solutions for the money that they lost. As far as the Revival plan is concerned, it is just Hopium to come back from $0.000132. Unfortunately, the Terra team lost their community and it is too hard to build better the project than the proposed one.
Maybe it is time to go without Terra in the crypto ecosystem... ✌🏼
Posted Using LeoFinance Beta
