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Following its recent collapse, the Terra ecosystem has been working on a recovery strategy and on Monday the Terra team gave an explanation to clarify the modified Terra Ecosystem Revival Plan 2.
Terra published an amendment to the proposal last week that included three important adjustments in response to community comments. The three modifications were to increase genesis liquidity, introduce a new liquidity profile, and reduce the allocation for post-attack UST holders.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
— Terra
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one.
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(@terra_money) May 23, 2022
The rejuvenation proposal, contrary to common assumption, does not propose a fork of the present chain, but rather a new one, according to the researchers. The Terra team clarified in a tweet thread,
“Recently, a few community members (including some from Terraform Labs) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain. The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one.”
The essential distinction here is that a branched blockchain shares the original chain’s entire history. This is not included in the Terra 2.0 plan. According to the new concept, a totally new blockchain Terra will be formed from genesis block 0 that will not share history with Terra Classic.
The recent Terra ecosystem catastrophe will go down in history as one of the most significant crypto market crashes. Within a week, the meltdown wiped away about $40 billion, rattling the crypto market.
Charles Hoskinson Takes a Dig
While responding to a user’s tweet, Charles Hoskinson, the founder of the Cardano blockchain, trolled Do Kwon’s terra revival proposal by tweeting “Terra 2: Wrath of Kwon.”
https://twitter.com/IOHK_Charles/status/1528553615261982720
The user to which Hoskinson reacted had tweeted, “It looks like Terra 2 ship months before ETH 2. To think, since ETH proof of stake was announced, a top 10 coin will be born, die, and reborn.”
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