Dokwan, a community member of Terra project, has proposed a plan to revive Terra’s ecosystem. The plan is to create a hard fork and make a new form of Luna, known as Luna Classic. The existing chain would be forked into a new chain called Terra token Luna without algorithmic stable coins. The proposal is aimed at solving the competing interests from different stakeholders holding Luna and UST. Dokwan suggested that the new Luna token should be airdropped to LUNC holders, app developers, and residual UST holders. The community is waiting for the governance proposal for the network fork, which will be initiated in the next few hours.
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Introduction
Hey everyone, it’s Sam and today I want to talk about what Dokwan just said and how it could change Luna and Tara forever.
Plans for Luna
Dokwan’s plan is to create a hard fork and actually make Luna classic in a new form. He also wants to make some people whole. He believes that the coming years are going to be crazy for crypto and people will want to get the news as quickly as possible.
FTX and Blockfolio
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The Crypto Market
The crypto market is looking okay. Luna is down 11 on the day and is at a 1.3 billion dollar market cap which is higher than expected. UST is still off of its peg and is at 11 cents.
Dokwan’s Second Plan
The Lunatic community is unparalleled in its passion and the builder talent pool is broader and deeper on terra than most other ecosystems. Tera’s blockchain is incredibly robust as attested to by recent events. Dokwan believes that they should continue to try to build this but competing interests make it difficult and unlikely to achieve consensus. His proposal is to fork the chain and create a new token called Terra Token Luna. Additionally, Luna will be airdropped to LUNC holders and residual UST holders.
Tara 2.0
Tara 2.0 is focused on developers and they will get an immediate emergency allocation of Luna tokens to fund a runway as well as a pool of tokens earmarked to align the interests of the base layer with its builders. TFL will be initiating a governance proposal for the network fork in the next few hours if the proposal passes. If it passes, the fork will be coordinated with the validators next Friday.
Conclusion
There are still some valid concerns that need to be addressed regarding the proposal, but Dokwan and his team are working to think of everyone involved. It remains to be seen how the market will react, but it is an interesting proposal for the future of Luna and Tara.
