Thread by @stablekwon

1/ Terra is more than $UST

2/ It has been inspiring to partake in the dynamic discourse regarding the best next steps for Terra. Taking feedback from the community and thoughtful proposals, I would like to suggest the following for the path forward.

agora.terra.money/t/terra-ecosys…

A thread on our reasoning:

3/ Currently, these key precepts underpin most schools of thought:
- The #LUNAtic community is unparalleled in its passion
- The builder talent pool is broader and deeper on Terra than most ecosystems
- Terra’s blockchain is incredibly robust, as attested to by recent events

4/ At the same time however, competing interests from varied stakeholders (e.g.,$LUNA holders, $UST holders, Terra builders, etc.) make it extremely difficult and unlikely to achieve consensus on a cohesive, congruent plan.

5/ It would be devastating for broader crypto adoption and advancement if we remain in entropy amidst opposing views, and as such I propose the following to chart the path forward for our ecosystem.

6/ The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called “Terra” (token Luna - $LUNA), and the old chain be called “Terra Classic” (token Luna Classic - $LUNC). Both chains will coexist.

7/ New $LUNA will be airdropped to $LUNC stakers, holders, residual UST holders, and essential app developers.

Also, TFL’s wallet will be removed from the airdrop, making Terra a fully community-owned chain.

8/ We believe this token distribution, in addition to best efforts by LFG to make $UST holders whole, best solves for the varying interests and time preferences for each stakeholder group, and most important, creates the most viable path to revive the Terra ecosystem.

9/ Terra 2.0 is focused on developers - developers will get an immediate emergency allocation of Luna tokens to fund runway, as well as a pool of tokens earmarked to align the interests of the base layer with its builders.

10/ Call to action: we encourage Terra developers to signal support & commit to build on the fork on public channels ASAP.

11/ TFL will be initiating a governance proposal for the network fork in the next few hours - if the proposal passes, then it will coordinate the fork with validators next Friday 05/27.

12/ The Terra community is my family.

I will always be here, no matter how hard it gets.

Let's build it back up again - together.