Terraform Labs CEO and co-founder Do Kwon has announced forking the Terra network into a new chain.
This latest addition proposes to fork the Terra chain into a new “Terra” with token “Luna” while the old chain would become “Terra Classic” and the original Luna tokens would become “Luna Classic” (LUNC).
However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC).
The new Luna would be airdropped to Luna Classic holders, stakers, Terra holders and app developers of Terra Classic. The intention is for the chain to be “community-owned” and target a 7% inflation rate through staking rewards.
The Terraform Labs will put the proposition up for an governance vote on Wednesday. According to the arrangement, Terraform Labs will cut the Terra center delivery and make network send off directions accessible for validators on Saturday.
Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.