Terra (CRYPTO: LUNA) founder Do Kwon has proposed a blockchain hard fork to revive the project’s ecosystem.
What Happened: In an announcement on Monday, Kwon put forward a governance proposal to fork Terra into a new chain without an algorithmic stablecoin.
See Also: WHAT IS FORKING IN CRYPTOCURRENCY?
The new chain will be called “Terra” with the native token LUNA, while the old chain will be dubbed “Terra Classic” and will continue to exist with TerraUSD (CRYPTO: UST) and the token Luna Classic (LUNC).
The new LUNA token will be airdropped to LUNC stakers, holders, residual UST holders, and essential app developers.
As per the proposal, Terraform Labs’ wallet will also be removed from the airdrop to make Terra a …
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