Terra’s Fork, Terra Classic ($LUNC) : Do Kwon’s New Revival Plan To Save LUNA Foundation

Terraform Labs CEO and co-founder Do Kwon has announced forking the Terra network into a new chain.

This latest addition proposes to fork the Terra chain into a new “Terra” with the “Luna” token while the old chain would become “Terra Classic” and the original Luna tokens would become “Luna Classic” (LUNC).

3/ Currently, these key precepts underpin most schools of thought:
– The #LUNAtic community is unparalleled in its passion
– The builder talent pool is broader and deeper on Terra than most ecosystems
– Terra’s blockchain is incredibly robust, as attested to by recent events

— Do Kwon 🌕 (@stablekwon) May 16, 2022

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC).

The new Luna would be airdropped to Luna Classic holders, stakers, Terra holders and Terra Classic application developers. The intention is for the channel to be “community owned” and target a 7% inflation rate through staking rewards.

The Terraform Labs will put the proposition up for an governance vote on Wednesday. According to the arrangement, Terraform Labs will cut the Terra center delivery and make network send off directions accessible for validators on Saturday.

According to Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.