Do Kwon has a plan to try to revive the Earth’s ecosystem and its cryptocurrency MOON: Retire current network and UST stablecoin.
South Korean founder of Terraform Labs defended this Monday (16th) that Earth’s blockchain must go through hard fork which will split the current network into two parts. The old version will be called “Terra Classic” and the new one will be simply “Terra”.
With the adoption of the new version of the blockchain, a new cryptocurrency called Luna appears on the market, and the old token is renamed Luna Classic with the symbol LUNC.
In the new Terra ecosystem, UST is abandoned in the old chain, and the updated version of Terra no longer has stablecoin algorithm.
“Land is more than UST,” Kwon wrote. “While UST has been the central narrative of the Earth’s growth story over the past year, the spread of UST has led to the development of one of the strongest developer ecosystems in crypto that is worth preserving.”
Case a offer will be voted on by the community this Wednesday (18), the hard fork that will create the new Earth circuit will take place next Friday (27).
Distribution of the new version of LUNA
If the hard fork is approved, the new version of Luna will be distributed in the form of airdrops targeted at coin holders.
According to Do Kwon’s proposal, Luna will be distributed free of charge to holders and users who make bid current currency version; for UST holders and developers of major Earth applications.
According to Kwon, the Terraform Labs wallet will not be participating in this giveaway, which “makes Terra a fully community-owned network.”
The tokens will be distributed to users who had Luna and UST in their wallet at the time the snapshot was taken, with a record of the wallets and their amounts in the given time period.
To determine the distribution of tokens, two snapshots will be taken: the first entry “before the attack” will be from block 7544914 on May 7, and “launch” will be block 7790000 mined on May 27th.
In total, 1 billion Luna tokens will be issued in the new version of the blockchain, distributed as follows:
25% – community pool regulated by management
1% – emergency allocation for core developers (no crashes)
4% are core developers
35% – holders with Luna (minus Terraform Labs wallet) in snapshot”before the attack”
10% – Luna holders (including derivatives) in a snapshot”launch”
25% – UST holders in the picture”launch”
In order to prevent tokens from being dumped into the market after launch, the proposal states that new holders will be locked by coins (cliff) during a year.
“We believe that this distribution of tokens, in addition to LFG’s best efforts to help UST holders, better takes into account the different interests and time preferences for each stakeholder group and, more importantly, creates the most viable path for the rebirth of the Earth’s ecosystem.” concluded Do Kwon.
