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July 18, 2024
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Terra Classic Comes with a Revival Plan Again to Re-Peg UST, Here’s What’s New

The post Terra Classic Comes with a Revival Plan Again to Re-Peg UST, Here’s What’s New appeared first on Coinpedia Fintech News

One of the industry’s disastrous catastrophes, the Terra disaster, which erased $60 billion in investments in May, will serve as a harsh lesson to investors. However, the developers of the Terra ecosystem have now presented a new request for 95 million LUNC ($248 million) on Monday. The new strategy, according to Terra, is meant to promote ecosystem growth and address issues with the prior strategy.

The ecosystem would receive 100 million LUNC, or about 10% of the overall supply, with developer mining rewards receiving 80% of this amount.

“It is clear that we need to assign 6-9 multisig signers to receive this wallet and then we need to decide what to do with this money. By putting into the community pool we are delaying the decision of what to do until a later time, weeks to potentially months down the line. I believe the time to decide is now. No matter what, our next move requires a community governance vote to pass. So let’s figure out all the details now and execute,” tweeted Edward KIm, the core developer. 

What’s The New Strategy?

The original ecosystem funding proposal from Terra ecosystem developers was successfully changed because it no longer suited the demands of the community. The prior suggestion was focused on allocating funds in accordance with the value locked in native protocols.

It required the distribution of 100 million LUNA tokens (approximately 10% of the total supply) to the ecosystem’s participants, with 80% of those tokens going to developer mining prizes. The plan was sound, but few projects had a good amount of their entire value locked, which was in opposition to the equitable distribution of mining money.

Many developers have stated their plans to start blockchain-based projects. In support of these resurrection efforts, several have even revealed development roadmaps. The DAO Terra Rebels, which is reviving Terra Classic, previously disclosed a pledge to restore the ecosystem’s health in a 4-year LUNA restoration plan.

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