BREAKING: Do Kwon Announces Name For Terra Fork; New Staking Rewards
Do Kwon follows up his proposal with an update that provides a name, a voting period, and a new carrot in the form of staking rewards.
Covered:
- Do Kwon Proposal #2
- How This Sequel Measures Up To The Original
Do Kwon Proposal #2
2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.https://t.co/E13VI8bkLh
A thread on our reasoning:
— Do Kwon ?? (@stablekwon) May 16, 2022
Do Kwon is back with Terra Ecoystem Revival Plan 2, the sequel to last Friday’s proposal Terra Ecosystem Revival Plan. The sequel reveals some key new details — that may be controversial to some in the community.
Most importantly, if passed, Terra in its current form will be known as Terra Classic, whereas the forked Terra will take the original’s name. Moreover, the proposal means that UST will no longer be a part of the ecosystem moving forward, thus taking out the mechanism that’s currently driving up the circulating supply of LUNA.
“It would be devastating for broader crypto adoption and advancement if we remain in entropy amidst opposing views, and as such I propose the following to chart the path forward for our ecosystem, ” Do Kwon said via Twitter.
The new proposal also suggests a target interest rate of 7% for DeFi on Terra. No additional details were given. But Terra and Do Kwon apparently want to get the word out that LUNA 2.0 won’t be looney tunes. According to Kwon, voting will begin May 18th Asia time.
The proposal also includes how new Luna will make investors whole. For more details, click here.
How This Sequel Measures Up To The Original
The first proposal was met with mixed reviews from critics. Initial reaction appears this too isn’t being (“F*ck you [sic] fork idea bro, no one want [sic] it”) met with a warm welcome, either.
Recommended: Here’s The Latest On The Terra UST Saga
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