Terra’s revival plan will abandon the UST stablecoin completely from the brand new blockchain, which is about to launch this week.
But the brand new blockchain, Terra 2.0, will even exclude three wallets that performed a vital function within the authentic chain.
A tweet from Terra’s official Twitter account confirms that Terraform Labs (TFL), the Luna Foundation Guard (LFG) and the outdated neighborhood pool shall be excluded from Terra 2.0.
Specifically, the wallets won’t be aware of the airdrop of latest LUNA tokens that’s set to happen this week.
Terra 2.0 to be neighborhood owned
The exclusion comes in keeping with statements from founder Do Kwon that Terra 2.0 shall be completely community-owned and operated. TFL and LFG had been the founders and heads of Terra Classic, and will seemingly stay so.
TFL’s pockets (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6), LFG’s pockets (terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw) and the distribution module the place the Community Pool lives (terra1jv65s3grqf6v6jl3dp4t6c9t9rk99cd8pm7utl) shall be eliminated within the airdrop whitelist.
-Terra stated in a tweet
The transfer signifies that Kwon, TFL and LFG will now not play any function in Terra governance. It may be a part of a “kill switch” protocol put in place by TFL.
During a 2021 interview, Kwon stated that if TFL had been to be ready the place it couldn’t “best serve the community,” it might transfer to chop all ties with the blockchain.
Voting on the Terra 2.0 proposal closed on Wednesday, with 65.5% of holders in support of the transfer. An airdrop of latest LUNA tokens, coupled with the launch of the chain, is about to happen this week.
Kwon faces rising scrutiny over crash
While the execution of Terra’s revival plan is a step in the direction of restoration, Kwon and TFL are largely being held chargeable for the crash by the neighborhood.
About $30 billion of investor cash was worn out within the crash, as UST’s mechanism didn’t assist the greenback peg. Kwon and TFL are going through a government investigation in South Korea, in addition to a lawsuit.
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