Terra Luna proposal passes to revive the Terra ecosystem.

Do Kwon who is the creator of the Terra ecosystem has put forward Proposal 1623 to help revive the blockchain after the devastating collapse. Data pulled from Terra station shows 65.50% of the voters supported the proposal and will be implemented by May 27th 2022 by Terraform Labs( TFL) which is the organization that handles all matters related to the ecosystem.

To preserve the community and regain funds lost by the crash they will be creating a new token under $LUNA and regarding the old chain by $LUNC ( Luna Classic). The distribution for the new LUNA tokens includes 30% for the community pool, 35% for LUNA holders before the crash of the ecosystem, and 10% for pre-crash Anchor-staked UST (aUST) holders, 10% for post-crash LUNA holders, and 15% for post-crash UST holders. To clarify who will be receiving the funds snapshots of users balances before and after the crash of the Terra blockchain wallets were taken anyone who held through entire crash will receive both rewards through a coin release vesting schedule via airdrops.

Focusing on rewarding Terra DApp developers to help the long-term growth and success of the ecosystem. The also have centralized exchanges like Huobi , Binance, and Bybit to help support the airdropping of tokens to previous holders to help streamline the process. Also you can hold your coins on the Terra Station wallet as another way to be awarded the new tokens.

To save the entire ecosystem doing more than just a reissuing of new tokens definitely isn’t going to solve all the problems. The trust from VCs, retail investors, developers and many others who advertise there products will always be reluctant to trust the blockchain after such a harsh liquidation . The next couple weeks will show exactly how much damage was done once the new token drops and we could see who is really left with Terra blockchain.