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Do Kwon tweeted that Terra would increase the redemption capacity of UST to allow the peg to stabilize quicker.<ref>https://twitter.com/stablekwon/status/1524331171189956609</ref> This would result in more LUNA being in circulation, with some crypto twitter users estimating a 6x increase in circulating supply.<ref>https://twitter.com/pythianism/status/1524432742892507136</ref> From May 11th to 12th, it has resulted in LUNA’s supply increasing from 1.5 billion tokens to 110 billion tokens so far, and is expected to continue to rise.<ref name=":0" /> On May 12th, LUNA hit a low of $0.00079. | Do Kwon tweeted that Terra would increase the redemption capacity of UST to allow the peg to stabilize quicker.<ref>https://twitter.com/stablekwon/status/1524331171189956609</ref> This would result in more LUNA being in circulation, with some crypto twitter users estimating a 6x increase in circulating supply.<ref>https://twitter.com/pythianism/status/1524432742892507136</ref> From May 11th to 12th, it has resulted in LUNA’s supply increasing from 1.5 billion tokens to 110 billion tokens so far, and is expected to continue to rise.<ref name=":0" /> On May 12th, LUNA hit a low of $0.00079. | ||
On May 13th, Do Kwon released a Terra Ecosystem Revival Plan on the Terra forum.<ref>https://agora.terra.money/t/terra-ecosystem-revival-plan/8701</ref> If approved, this proposal would reset the network ownership to 1B tokens and have a new distribution plan | On May 13th, Do Kwon released a Terra Ecosystem Revival Plan on the Terra forum.<ref>https://agora.terra.money/t/terra-ecosystem-revival-plan/8701</ref> If approved, this proposal would reset the network ownership to 1B tokens and have a new distribution plan. | ||
On May 14th, LUNA rebounded over 1,500% from lows and overtook UST market cap for the first time since the beginning of the depegging event. | |||
Terra announced over Twitter that a post mortem report would be coming as soon as possible.<ref>https://twitter.com/terra_money/status/1525226016972582912?s=21</ref> | Terra announced over Twitter that a post mortem report would be coming as soon as possible.<ref>https://twitter.com/terra_money/status/1525226016972582912?s=21</ref> | ||
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On May 16th, the Luna Foundation Guard released a Twitter thread detailing how they sold over $3b in assets to defend the UST peg.<ref>https://twitter.com/lfg_org/status/1526126703046582272?s=21</ref> | On May 16th, the Luna Foundation Guard released a Twitter thread detailing how they sold over $3b in assets to defend the UST peg.<ref>https://twitter.com/lfg_org/status/1526126703046582272?s=21</ref> | ||
Terra | === Terra Ecosystem Revival Plan 2 === | ||
Do Kwon released a Twitter thread and governance proposal detailing the plans to fork Terra.<ref>https://twitter.com/stablekwon/status/1526258273820651520?s=21</ref><ref>https://agora.terra.money/t/terra-ecosystem-revival-plan-2/18498</ref> Under this new proposal, Terra would create a new chain and the previous chain would remain active under “Terra Classic.” | |||
UST would no longer be used and the chains would not have new algorithmic stablecoins. Terra Classic would have Luna Classic (LUNC) while the new chain would remain Terra (LUNA). | |||
Under this proposal the newly forked network will be distributed as follows:<blockquote>'''1,000,000 LUNA Tokens''' | |||
* 25% - Community pool, controlled by staked governance | |||
* 1% - Essential Developers emergency allocation. No lockup | |||
* 4% - Essential developers (1 year cliff, 4 year vesting thereafter, granted after launch traction) | |||
* 35% - All bonded / unbonded Luna, minus TFL at “Pre-attack” snapshot | |||
** For wallets with < 1M Luna: 1 year cliff, 2 year vesting thereafter | |||
** For wallets with > 1M Luna: 1 year cliff, 4 year vesting thereafter | |||
* 10% - Luna holders (staking derivatives included) at the “Launch” snapshot - 10% unlocked at genesis, 90% vested over 2 years thereafter | |||
* 25% - UST holders at the “Launch” snapshot - 10% unlocked at genesis, rest vested over 2 years thereafter | |||
</blockquote> | |||
== Chainlink Oracle failure == | == Chainlink Oracle failure == |
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