Terra Founder Breaks Silence: Reveals Plan to Revive the Network

The crypto world is buzzing after Terra’s founder, Do Kwon, has finally ended his radio silence. In a newly published blog post, Kwon has outlined a plan to rescue the beleaguered Terra ecosystem following the catastrophic collapse of UST and the LUNA token. The question on everyone's mind: Can Terra be saved?

Do Kwon, Terra co-founder and CEO of Terra Labs, has been under intense scrutiny since the implosion of the Terra network. Now, he has finally spoken on the crash of its network, outlining a controversial proposal for its future. He's not giving up on the Terra community.

Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic depegging of its algorithmic stablecoin, UST. This proposal aims to create a new blockchain, essentially forking the original chain, to salvage what remains of the once-promising ecosystem.

Do Kwon Terra is proposing a radical shift. He argues that “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem,” he said. This reconstitution involves abandoning the algorithmic stablecoin UST and focusing on building value based on the underlying blockchain and its applications.

Kwon also offered ideas on how to attract developers and users back to the Terra ecosystem. This includes incentivizing new projects and fostering a renewed sense of community. The plan, however, is facing significant pushback from investors who lost substantial sums during the crash.

The future of Terra remains uncertain. Will the community embrace Do Kwon's proposal for revival? Or is this the end of the road for Terra? Stay tuned for updates as this story develops.