The biggest story in crypto – Part 2
Terra CEO Do Kwon has taken to Twitter to announce an ecosystem revival plan based on forking the blockchain, which has drawn negative attention from the community. The fork has become the main effort by Terra Labs to repair the immense damage caused to its operations and brand.
On May 16, Do Kwon took to Twitter to announce that ‘Terra is more than UST’ in a long thread where he outlines plans to fork the Terra blockchain as it currently exists but without algorithmic stablecoins. The new fork would be called Terra, and its token would be LUNA, and the old chain would then be called Terra Classic and have the LUNC token. Both chains will coexist.
Last week, the Terra blockchain ecosystem deteriorated in a matter of days. Its native token LUNA, which had over $40 billion in market capitalization, saw nearly all of its value wiped out. Meanwhile, UST, which was supposed to be a stablecoin pegged to the US dollar,…
