Rescuing Terra: Founder Do Kwon's revival plan 2.0 wins, launch on 27 May

livemint.com:

A much-needed win for the Terra founder Do Kwon as his proposal bags approval to transform its Terra ecosystem with a new blockchain and this time it won't include stable coin algorithm. It is called Terra 2.0 and the new chain is scheduled to launch on May 27. Binance who also lost heft from the Terra sisters crash this month - has also announced working with the Terra team on the recovery plan.

On Wednesday, Terra powered by LUNA through their Twitter account said, "Terra 2.0 is coming," adding, " With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community."

The Terra Ecosystem Revival Plan is deemed to be a new approach altogether especially the abandoning of stable coin TerraUSD or UST. That means they are creating a new Terra chain without the algorithmic stable coin.

In Terra's revival plan document, it is said that the old chain is to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA).

Further, Luna will be airdropped across its Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic. Also, TFLs' wallet will be removed in the whitelist for the air drop - making Terra a fully community owned chain.

It needs to be noted that, new LUNA tokens will be distributed to previous holders of UST and LUNA in an 'air drop' manner that will rely on snapshots taken of the old Terra network for verifying participants.

2/ The Terra Ecosystem Revival Plan – which has everything you need to know about our path forward – can be read in full here.https://t.co/6ZRk4AdpRu

In its revival plan, Terra also said that due to