Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST.
See related article: UST loses dollar peg as Terra market cap slumps
Fast facts
Under the proposal, the network will be forked with the original chain being called Terra Classic with the LUNA Classic (LUNC) token, and the new one taking the name Terra (LUNA).
Kwon’s proposal is reminiscent of the 2016 Genesis DAO exploit, which led to the birth of the current Ethereum chain, while the original Ethereum chain became to be known as Ethereum Classic.
Terra’s plan proposed airdropping the new LUNA tokens to LUNC and UST investors and stakers and transferring ownership of the new network to the community.
