Terraform Labs will hold a governance vote on the ecosystem recovery plan on May 18 Asia time.
Do Kwon, co-founder of the ailing Terra Luna cryptocurrency, unveiled a revised plan to repair the ecosystem on Monday, after considerable market volatility and inherent protocol design problems wiped out the blockchain's market cap.
Furthermore, Terraform Labs will propose a new governance concept for the Terra Luna blockchain on May 18, according to Kwon.
Note that the TerraUSD (UST) stablecoin will not be linked to the new chain. Meanwhile, the old Terra blockchain will be dubbed Terra Classic and will continue to exist alongside UST (LUNC).
The new LUNA blockchain will go online on May 27 if Kwon's concept is approved. New LUNA tokens will be airdropped to LUNC holders, UST holders, and Terra Classic blockchain essential developers under the proposal.
Terraform Labs' wallet, with the address terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6, will also be removed from the airdrop whitelist, making Terra a wholly community-owned chain.
The proposed LUNC supply is capped at 1 billion units, with 25% going to the community pool, 5% to important developers, and 70% going to LUNC and UST holders at various points in May, subject to vesting rules.
The ecosystem's steward of the Luna Foundation Guard said earlier today that it has spent an overwhelming percentage of its cryptocurrency assets defending UST's peg during the market sell-off.
As a result, it is unlikely that the Terra environment will be able to recover without the assistance of outside finance.
For instance, Binance CEO Changpeng Zhao (CZ) stated that he will support Terra's community but that the entity should be more transparent about recent developments.