After the recent collapse of the Terra ecosystem, founder Do Kwon came up with a revival plan for the Terra blockchain network.
Terra founder Do Kwon has finally come publicly on Twitter after announcing the "Terra Ecosystem Revival Plan". Do Kwon says the team is currently working on using the Bitcoin reserves of Luna Foundation Guard (LFG) to rescue the Terra ecosystem. The focus is to save the community and developers. After this news, the native token of terra ($LUNA) has seen a huge surge of 3300% in the pricing after Friday's crash.
UST’s unexpected crash has destroyed investors' trust in the Terra ecosystem. As of now, both UST and LUNA are trading below $1, therefore it will be interesting to see how the Terra team works on their revival plan.
The Founder had proposed resetting Terra’s ownership to 1 billion tokens. As the main priority right now is to protect the developers and core elements of their blockchain ecosystem.
5/ There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are: https://t.co/pJNXATzllz— Do Kwon 🌕 (@stablekwon) May 13, 2022