Following the aftermath of Terra’s UST implosion, the blockchain project’s founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens from the network will be airdropped to Terra ecosystem participants and holders.
The proposal says that a “pre-attack snapshot” will be taken at Terra Classic block number 7,544,914. The chain fork will commence a few hours after the launch snapshot is taken and an estimated date for the new Terra network launch will occur on May 27, 2022. The proposal seems to have a lot of people who do not like the plan, while others favor the idea brought to the table. One individual wrote: “This is an interesting proposal and I’m glad the community will move forward with a new chain.” Another person against the idea said:
No one wants a fork. Just burn the current LUNA and fix the current algorithm to get back UST peg.