Do Kwon unveils the plan to revive Terra
Terra founder Do Kwon proposed a Revival Plan 2 on Twitter to resurrect the Terra ecosystem
By Shashank Bhardwaj
Do Kwon, the founder of Terraform Labs, officially proposed a revival plan for the Terra ecosystem involving a hard fork and abandoning UST, Terra’s depegged stablecoin. He had tweeted last week accepting the failure of Terra’s stablecoin and acknowledging that the ecosystem needed a fresh start. He had also proposed an informal plan to revive the Terra blockchain.
The current proposal is a follow-up to the informal plan he posted last week. Do Kwon detailed the Revival Plan 2 in a tweet thread on Monday. It talked of the steps the Terra team intends to take to resurrect the network, asserting that the Terra ecosystem was much more than just its failed stablecoin, UST. Earlier, Terra blockchain’s efforts were concerted and concentrated on their algorithmic stablecoin. The proposal will be put for a governance vote on May 18th.
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