As huge turbulence was hovering within the space that the Terra executive had not handled the crisis in a proper way, the founder Do Kwon came up with a relief plan . As per the relief plan, the existing ecosystem would become Terra Classic with the token named LUNC. And the newly created chain would be known as Terra with the token LUNA. Importantly, the new chain will nowhere be linked to the UST stablecoin, yet be operational with the old chain.
Interestingly, more than 90% of the Terra community opposed the proposed changes and unanimously voted to burn the excess tokens minted. And moreover, the plan to uplift the LUNA price also appears to not have been aligned well. As some believe that the platform is building a brand new blockchain in disguise as a fork.
I just realized @terra_money v2 is NOT a "fork". It's a brand new network, with fresh state, no market, treasury, oracle modules and WASM state. Terra Classic will probably burn $LUNC , and the rebirthed Terra provides a positive future for $LUNA . — will chen
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