Terraform Labs co-founder Do Kwon has suggested hard forking Terra with a new network and an airdrop. According to this, this is “a chance to revive the project from the ashes”.
The new network is supposed to keep the Terra name with the LUNA token. The initial blockchain will become Terra Classic with Luna Classic (LUNC) respectively.
The project will continue its development without a new algorithmic stablecoin. Kwon has called the failure of the UST peg to the dollar “the moment of hacking” of DAO Terra.
The total emission of LUNA will be 1 billion tokens, the target reward for staking (inflation) is 7%.
For the distribution of tokens, two snapshots will be made: for May 7 (“Before the attack”) and for May 17 (“Launch”).
