Do Kwon calls for restart of Terra blockchain in 'revival plan'

Terraform Labs founder Do Kwon on Friday has published a much-awaited "revival plan" for the Terra ecosystem, as billions of dollars have been wiped out from Terra's LUNA tokens (LUNA-USD) and stablecoin TerraUST (UST-USD), according to an online forum Friday. LUNAs (LUNA-USD -99.5%) are changing hands at less than one cent in afternoon trading, compared with nearly $85 just a week ago. TerraUST (UST-USD), the sister token of LUNA, is a whopping 85% away from its $1 peg, changing hands at $0.15. “The Terra community must reconstitute the chain to preserve the community and the developer ecosystem.” Do Kwon said. Do Kwon's proposed rescue plan ultimately calls for a redo of the Terra blockchain by getting validators to reset network ownership to 1B coins distributed among LUNA and UST holders. Moreover, 40% of those tokens would be directed to UST holders before the de-pegging event. Another 40% goes towards UST holders