Terraform Labs CEO Do Kwon has unveiled a new "revival plan" to save the Terra ecosystem after last week's stablecoin meltdown.
Kwon called the implosion "a chance to rise anew from the ashes" and said that "the ecosystem and its community are worth preserving," while introducing the second revival plan as a "living document."
- Kwon proposed forking Terra into a new chain without TerraUSD, the algorithmic stablecoin whose depegging destroyed the entire ecosystem - including LUNA.
- Holders of LUNA on the "Classic" chain (the existing chain) would receive an airdrop of the new chain's token, according to the plan.
- The new chain will be "wholly owned by the community," and Terraform Labs - Kwon's company and the creators of Terra - will not be eligible to receive funds from the initial token payout.
This is an evolving story and will be updated.