Terra aims to resurrect LUNA after clearing the rubble

economictimes.indiatimes.com:

Terra (LUNA) is headed to walk on the difficult path post the collapse, particularly after sweeping the rubble. The foundation is looking to sort the pieces into a block to rebuild the protocol. It is an opportune time for the regulators to look for a comprehensive stablecoin regulation, while the blockchain is in mea culpa followed by introspective solutions. On Terra’s governance proposal portal, 80 per cent of eligible token holders that voted are pushing to rebuild the protocol, minus the algorithmic component.

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For those unaware of the biggest debacle in recent history, Terra's native token LUNA wiped out more than $30 billion from investors' kitty as token plunged to merely a fraction of cents from more than $90 in just a few hours. The depegging of Terra's stablecoin TerraUSD (UST) hit its sister concern, Luna, brutally. This led to the halting of the Terra blockchain after big investors started dumping millions of dollars worth of UST. Terra’s investors have plenty of incentive to support this. Though, the losses from their gamble on the protocol are astronomical. So, what happens when the rubble is cleared? Answering this, Edul Patel, CEO and co-founder, Mudrex, said that it means, «We would see a hard fork, which is a permanent change, creating a chain split.» «The existing chain would be known as Terra Classic with its token Luna Classic, whereas the new chain will be known as Luna, he added.» «The circulating supply of LUNA would reduce to 1 billion.» After this huge debacle, it is not easy for the foundation to restart everything. It may take some