Key Takeaways: 



The founder of Terra plans to relaunch the network in a new form.  The plan is the last shot of the network towards survival. 



After the recent crash of Luna, the founder of the algod stablecoin, Do Kwon, came up with a revival plan to give the ecosystem the necessary boost. The ecosystem got compromised because of liquidation and dilution by the holders. Kwon shared, “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.”



On the official website, the founder shared a redistribution plan on May 14. He mentioned that validators must work towards resetting the network ownership to 1B tokens. He has also justified his strategies. Do explain, that the debt holders of the network must receive tokens as compensation. He said that redistribution is the only way to the network’s survival. 



On May 16, Do Kwon shared an updated version of the plan and marked it as ‘Terra Ecosystem Revival Plan 2’. The community is set to put forward a proposal for a governance vote on May 18 Asia time. The aim is to “coordinate the fork with the community” and if approved the proposal will follow the set timeline. 



To motivate the community, he has also said, “Terra is more than $UST.”




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