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Usha Yadav
May 16, 2022
by Usha Yadav

Major Validator Decides to Replace Terra With a Completely New Chain 

Terra
The CEO of a validator runner in South Korea believes the old Terra chain should be shut down indefinitely until the dust settles following the Terra ecosystem disaster and the community chooses the next steps.

Jiyun Kim, CEO of DSRV, a blockchain solutions company, published an opinion piece on his account, explaining how the Terra team danced around the possibility of ceasing block production when LUNA values plummeted and the Terra USD (UST) stablecoin was depegged.

He is now urging Terra ecosystem validators to reject a hard fork in favor of a completely new community-driven blockchain. DSRV hosts a validator node on Terra with 9.36 percent on-chain voting power. Because its node had received 14 billion LUNA worth roughly $1 million in LUNA by May 8, now worth about $3 million, DSRV has suffered as much as any other investment.

According to Kim, the Terra Validator League, which was dubbed the "Terra Rebirth League," did not decide to suspend the chain on May 12 lightly. However, he said that the Terra team failed to issue the required notification, which used the word 'Affirm' to confirm with all validators that the chain should be halted. He wrote,

"And the announcement that they made [made it sound like] the chain restart was originally the validator's opinion. YES, they didn't use the term "Confirm"."

Do Kwon, the founder of Terra, promised to replenish the chain and reset the token supply to 1 billion LUNA on May 13.

"The previous Terra chain should permanently vanish. And a completely new chain driven by the community should [be made to] save the Lunatics."

On May 16, Kim stated that he wishes to "rescue the community" but that no major coordinator is in charge of victim support activities "since there are still legal difficulties." Panic ensued after a sell-off of UST tokens on May 8, causing the price of LUNA to plummet from $73 to $0.000000999967 on May 13, according to CoinGecko. UST is still disastrously depegged from the dollar, trading at $0.16, while LUNA is practically worthless, trading at $0.00026619.

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Terra UST Terra ecosystem Jiyun Kim
Major Validator Decides to Replace Terra With a Completely New Chain 
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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