Major validator calls for ‘completely new chain’ to replace Terra
As the dust settles from the Terra ecosystem crash, and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently.
Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion post on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while LUNA prices crashed and its Terra USD (UST) stablecoin was depegged. He now urges validators in the Terra ecosystem to reject a hard fork in favor of a brand new community-driven blockchain.
DSRV runs a validator node on Terra with 9.36% of the on-chain voting power. DSRV has suffered as much as any investor because its node had collected 14 billion LUNA worth about $1 billion in LUNA by May 8, which is now worth about $3 million.
Kim wrote that the decision to halt the chain on May 12 was not taken lightly by the Terra Validator League, which was renamed the "Terra Rebirth League". However, he said the Terra team failed to give the proper notification using the word ‘Confirm’ to actually confirm with all validators that they should halt the chain, which left him feeling “betrayed.” He wrote:
Terra founder Do Kwon proposed reconstituting the chain and resetting token supply to 1 billion LUNA on May 13. Kim appears to completely disagree with Kwon as he wrote in his post that re-using the Terra chain “is completely making Terra chain’s internal value to 0.”
There may be more to the story as Kim wrote in his post that validator league control has been relinquished to the community, giving a semblance of decentralization, which could potentially protect the Terra team from further legal burdens. He wondered if the project is preparing to
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