Terra LUNA Circulating Supply Increases by Nearly 1.9 Million Percent
The LUNA token has nearly vanished in the previous week, while the UST stablecoin has lost its peg, trading at $0.08. In the last seven days, the LUNA token has lost 100% of its value.
To "restart" Terra, do Kwon
In a post on a Terra-related forum over the weekend, Do Kwon, the founder of Terraform Labs, presented a "Terra Ecosystem Revival Plan," which amounts to a restart of the whole Terra blockchain, with network ownership handed wholly to UST and LUNA holders via 1 billion new tokens. The Terra environment had crumbled entirely, according to the CEO.
40% of the new tokens will be issued to LUNA holders who had tokens before the de-pegging event, with the remaining 40% going to UST holders on a pro-rata basis. The remaining 20% will go to LUNA holders who kept their coins at the end of the chain's pause and the community pool, which will be utilized to support future development.
