Luna Fork: Is a Terra Luna hard fork coming? | How to do that?


Luna Fork: Is a Terra Luna hard fork coming? | How to do that?

Do Kwon has decided to support a Luna branch in order to restore the Terra ecology.

After TerraForm Labs CEO launched a Terra Luna hard fork proposal, a Luna fork appears to be the road to a Luna recovery in the aftermath of the Luna crypto meltdown.

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With the Luna circulation supply now in the billions, it's thought that restarting the chain before the invasion may help the Terra ecosystem recover.

Everything you need to know about the Terra Luna fork is right here.

Hard Fork Terra Luna

Do Kwon, CEO of TerraForm Labs, has suggested a Terra Luna hard fork to help restore the ecosystem.

Kwon has proposed prioritizing the Terra ecosystem above UST in his second (but actually third) Terra Ecosystem Revival Plan. In his suggestion, he stated, "The Terra ecology and its community are worth saving." It's been dubbed "Terra's DAO hack moment" since it resembles key aspects of the initial Ethereum hard fork.

Terra will split into a new chain sans UST or other algorithmic stablecoin characteristics, according to his idea. Terra would be the new chain, while Terra Classic would be the old (alongside Luna Classic, or LUNC).

Those active in the ecosystem would receive their 1 billion Luna by airdrop. This would be divided into two parts:

  - 25% to a community pool controlled by governance.

  - 35% to Luna wallets from a pre-attack snapshot.

  - 1% as an emergency allocation to the essential developers.

  - 25% to UST holders at the launch of the new chain (Launch snapshot).

  - 4% to essential developers.

  - 10% to Luna holders at the Launch snapshot.

Terra block 7544914, from May 7, 2022, would be the pre-attack snapshot.

TerraForm Labs is noticeably absent from this list. It will be withdrawn from the airdrop, according to Kwon, in order to "create Terra a wholly community-owned chain."

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Luna would have a 7% inflation rate after launch, which would be given to stakes.

This proposal, as well as his first Luna fork idea, is very identical to the TerraBuilderAlliance's Luna Go Forward Proposal.

Before the hard fork plan, Do Kwon's initial recovery strategy centered on pegging TerraUSD (UST). To distinguish itself from this UST concentration, the Terra team appears to be emphasizing its devotion to "Terra is more than UST."

A hard fork occurs when the blockchain is divided into two separate, parallel networks. The Ethereum and Ethereum Classic fork after the DAO hack, which recovered the stolen ETH, is one of the most noteworthy hard forks. While the Ethereum hard fork'restored' this money, Terra Luna suggests that a suggested reversion to the scale would be somewhat different.

Of course, this is only one suggestion, and many people are skeptical that holders will ditch their tokens as soon as a new chain is introduced. The concept of a fork has also been criticized by Binance CEO CZ, who claims that it does not add value to the Terra ecosystem. Others appear to want a Luna to burn to restrict the quantity in circulation.

It is necessary for the fork to occur.

Timeline for the Terra Luna Hard Fork

On May 18, the Terra network proposal will go to a round of voting in the first stage of the hard fork. Although Kwon stated that it will be "Asian time," no specific hour has been specified.

On May 21, the Terra Core release and launch instructions will be available, and critical developers will have until May 25 to register.

The Launch snapshot for UST and Luna holders will be taken on May 27. The network and chain upgrades will begin on the same day.

Of course, all of this is contingent on the community's acceptance of the concept and rapid growth. "Snapshots can differ based on development readiness," the plan states. 

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