The cryptocurrency world recently hosted an event that shocked and frightened all investors. One of the most popular blockchain projects, the UST, which is on the Terra network and indexed at $1, has collapsed, the blockchain’s own cryptocurrency, Terra (LUNA), which is used to stabilize this stable coin. hold, almost in one day. completely lost value.

Investors who had invested hundreds of thousands of dollars in LUNA lost all their money as a result of this event, and the event also damaged confidence in stablecoin and blockchain projects. The founding name of the project, as the Luna Foundation team was looking for a solution that would both save the investors and fix the project. Do Kwon shared his second recovery plan today.

Proposal for a shared solution for Terra Luna network recovery

Do Kwon’s proposal offered insight into how the blockchain could be restored. But There is a vacancy for former UST holders† In summary, the solution proposal for the project, which is closely followed by cryptocurrency investors, consists of the following steps:

Forking the Luna Terra blockchain and renaming the network Terra Classicalso the name of the token to be used in the network Luna Classic (LUNC): This step builds an alternative and new blockchain network for the existing blockchain network. The current network will be renamed Terra Classic and the token will be renamed Luna Classic.

If Luna Terra .’s New Blockchain Network will keep names on existing network† In other words, the new blockchain Terra will bear the token name LUNA.

So, to whom will the new tokens created with the new blockchain be distributed?

Under Do Kwon’s proposal, the new tokens will be broadcast to investors who fall into the following classes:

• Those who own a Luna Classic, ie those who currently have a LUNA . to own
• Those who have Luna Classic in their regular wallets (as well as those who currently have LUNA)
• Developers on the Terra network
• Those holding the UST after, not before, the attack that caused the UST to collapse. That is, those who bought UST after the collapse of UST.

With the last item, Just Do Kwon owner of UST and after the stable coin crashed that new tokens will not be distributed to investors who suffer unlimited losses. say. This article started a great debate among those closely following the event.

Existing articles also revealed that those who bought or continued to hold LUNA or UST after the attack, with the creation of the new blockchain they will have the new token.

So, how many LUNA tokens will be given to whom?

According to the proposal, there will be one billion new LUNA tokens in the new network. these tokens

• 25% is allocated to the community pool,
• 1% is reserved for emergencies, to be used by core developers without deadlocks,
• According to the countdown to start after the new token release, 4% will be distributed over 4 years after a 1-year lockdown.
• 35% for those who had a LUNA before the attack
  • For wallets with less than 1 million LUNA spread over 2 years after 1 year lock,
  • For wallets with more than 1 million LUNA, an airdrop is made after 1 year of lock, spread over 4 years.
• 10% to LUNA holders after attack or start of new network
  • At the start of the new network, LUNA holders will receive 10% of the qualifying tokens, the rest will be distributed within 2 years.
• 25% will be distributed to UST holders after the attack or at the start of the new network†
  • Initially, 10% is given, the rest is paid out within 2 years.

The new proposal offers some hope for pre-attack LUNA holders and developers on the network, when in fact it literally throws away the money of previous UST holders. All of this will, of course, happen if the proposal is accepted by the community. If the proposal is accepted, the new network on May 27 will leave.