{"id":27008,"date":"2022-05-16T16:05:53","date_gmt":"2022-05-16T20:05:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=27008"},"modified":"2022-05-16T16:06:00","modified_gmt":"2022-05-16T20:06:00","slug":"do-kwon-proposes-new-governance-protocol-to-save-terra-blockchain","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/do-kwon-proposes-new-governance-protocol-to-save-terra-blockchain\/","title":{"rendered":"Do Kwon proposes new governance protocol to save Terra blockchain"},"content":{"rendered":"\n
Do Kwon, co-founder of Terra Luna cryptocurrency<\/a>, unveiled a revised plan to repair the blockchain ecosystem following considerable market volatility and inherent protocol design problems that wiped out the blockchain's market cap.<\/h5>\n\n\n\n
\"Do
Do Kwon proposes new governance protocol to save Terra blockchain<\/figcaption><\/figure><\/div>\n\n\n\n

Terraform Labs will propose a new governance concept for the Terra Luna blockchain on May 18, according to Kwon (token name: LUNA).<\/p>\n\n\n\n

The new chain, however, will not be connected to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will be dubbed Terra Classic\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (LUNC) and will continue to exist alongside UST. The new LUNA blockchain will go online on May 27 if Kwon's concept is approved.<\/p>\n\n\n\n

New LUNA tokens will be airdropped to LUNC holders, UST holders, and Terra Classic blockchain essential developers under the proposal.<\/p>\n\n\n\n

Terraform Labs' wallet address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 will also be removed from the airdrop whitelist, making Terra a wholly community-owned chain.<\/p>\n\n\n\n

The proposed LUNC supply is capped at 1 billion units, with 25% going to the community pool, 5% to important developers, and 70% going to LUNC and UST <\/a>holders at various points in May, subject to vesting rules.<\/p>\n\n\n\n

The ecosystems' steward, Luna Foundation Guard, said earlier today that it has spent an overwhelming percentage of its cryptocurrency assets defending UST's peg amid the market sell-off.<\/p>\n\n\n\n

As a result, it is unlikely that the Terra environment will be able to recover without the assistance of outside finance. Binance CEO Changpeng Zhao<\/a> stated that he will support Terra's community but that the entity should be more transparent about recent developments.<\/p>\n\n\n\n

\n

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<\/use><\/svg><\/span><\/a>

A thread on our reasoning:<\/p>— Do Kwon \ud83c\udf15 (@stablekwon) May 16, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

<\/h3>\n","protected":false},"excerpt":{"rendered":"

Do Kwon, co-founder of Terra Luna cryptocurrency, unveiled a revised plan to repair the blockchain ecosystem following considerable market volatility and inherent protocol design problems that wiped out the blockchain’s market cap. Terraform Labs will propose a new governance concept for the Terra Luna blockchain on May 18, according to Kwon (token name: LUNA). The […]<\/p>\n","protected":false},"author":12,"featured_media":27010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[1887,9704,9703],"class_list":["post-27008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-hard-fork","tag-lunc","tag-terra-classic"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-90.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=27008"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/27008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/27010"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=27008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=27008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=27008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}