Disclaimer: This article is intended to convey more market information and does not constitute any investment advice. The article only represents the author's views and does not represent the official position of Mars Finance. Editor: Remember to pay attention. Source: Ostrich Bl

Disclaimer: This article is intended to convey more market information and does not constitute any investment advice. The article only represents the author's views and does not represent the official position of Mars Finance. Editor of

: Remember to pay attention to

Source: Ostrich Blockchain

It has been some time since the LUNA incident occurred, but the excitement caused by the LUNA incident still cannot calm down for a long time. Recently, Terra officially released the revitalization plan of the Terra ecosystem (Prop 1623 proposal), stating that it will create a new Terra chain without algorithmic stable coins-Terra 2.0.

However, the sudden collapse of LUNA has worn away the patience of too many investors. Once the revival plan was proposed, the negative emotions in the encryption community took up most of it. Some people say that this is just Terra’s second plan to cut leek, while others say that Terra 2.0 will be launched without trust. This article will take you to understand the revival plan of the Terra ecosystem and discuss Terra’s self-rescue actions.

Terra 2.0 will start without trust?

In fact, in the preliminary vote on the Terra community forum, Terra founder Do Kwon’s reconstruction proposal met with almost unanimous opposition. Many would rather Do Kwon follow Changpeng Zhao’s advice and buy and burn most of LUNA’s over-inflated 6.5 trillion token circulating supply. Although Do Kwon knows what the community wants, he still insists on rebuilding it, which will inevitably lead to criticism.

In addition, Terra has been involved in various scandals since its collapse. LUNA investors have filed lawsuits, which has also caused Terra to receive "special care" from the South Korean police. The latest news shows that the Cyber ​​Crime Investigation Team of the Seoul Metropolitan Police Department It was revealed on Monday that a report had been received accusing a Terraform Labs employee of alleged embezzlement. The police are currently investigating the authenticity of the report and have asked local cryptocurrency exchanges to freeze LFG’s funds. Do Kwon and Shin Hyun-seung are also under investigation after at least five LUNA investors filed lawsuits.

Not only that, U.S. Senator Pat Toomey of Pennsylvania also said that Terra may be a fraudulent project, and LUNA promised huge returns while providing "very questionable technology." All kinds of negative news about

are revealing a message to people, that is, the trust crisis faced by Terra in and is not as serious as usual. There is no doubt that Terra 2.0 will indeed launch without trust.

Overview of the Terra Ecosystem Revitalization Plan

refers to projects that have fallen into a crisis of trust before. Most of the projects disappeared after being deeply mired in the quagmire, and very few can restore their former vitality. But Terra seems unwilling to remain silent like this, and still chose the revival plan of the Terra ecosystem. This can be said to be a self-rescue operation for Terra. So can Terra's self-rescue operation succeed? Let’s first take a look at what’s included in the Terra ecosystem revitalization plan. The content of the

revival plan is as follows:

1. Create a new Terra chain without an algorithmic stable currency. The old chain is called Terra Classic (Token is Luna Classic, or LUNC), and the new chain is called Terra (Token Luna, or LUNA).

2, Luna will be airdropped among Luna Classic stakers, Luna Classic holders, remaining UST holders, and important Terra Classic application developers.

3, TFL’s wallet address (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed from the airdrop whitelist, making Terra a fully community-owned chain.

4. The majority of tokens are allocated to: 1) provide emergency access to existing Terra dapp developers; 2) connect the interests of developers to the long-term success of the ecosystem.

5, incentivize network security through token inflation , with a target staking return rate of 7% per year

The new Terra chain mentioned above is called Terra 2.0. Recently, some community members (including some from TFL) have referred to Terra 2.0 It’s called a fork, not the genesis chain. In this regard, Terra officially explained: The revival plan is not to launch a fork of the existing chain, but to create a new chain. The important difference here is that a forked blockchain shares all of its history with the original chain, while Terra 2.0 does not.

Therefore Terra 2.0 means the genesis of a new blockchain, so once Prop 1623 is passed, a brand new blockchain (Terra) will be created starting from genesis block 0 and will not share history with Terra Classic. DApps or assets from the old chain (Terra Classic) will not pre-exist on Terra (this would be the case if it was a fork), so they need to be migrated. In addition, according to the official roadmap, the Terra 2.0 network is expected to be launched on May 27.

Since Terra 2.0 appears as a brand new blockchain, the tokens will also be redistributed. Terra officials stated that Terra 2.0 plans to allocate 30% of the tokens to the community pool and 35% to LUNA holdings before the attack. holders, 10% will be allocated to aUST holders before the attack, 10% will be allocated to LUNA holders after the attack, and 15% will be allocated to UST holders after the attack. The "pre-attack" snapshot will be taken at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00), and the "post-attack" snapshot will be taken at Terra Classic block 7790000 (2022.05.27 03:59:51 +08:00).

Terra 2.0 token distribution chart

In addition, for every blockchain, the importance of ecological construction is self-evident, and basic applications are an important part of determining whether the blockchain is feasible. Therefore, in order to promote the development of in the Terra 2.0 ecosystem, Terra 2.0 has launched a developer mining plan and promises that developers who publish basic applications on the chain will receive certain rewards.

Summary

Most of the popular DApps currently built on Terra Classic have committed to migration, including PRISM, Stader Labs, RandomEarth, OnePlanet, etc. In addition, Terra has also given considerable rewards to promote ecological infrastructure construction. I believe that the Terra 2.0 ecosystem still has the opportunity to further develop. In the long run, Terra's self-rescue operation seems to be OK.

However, it will take a long time for the cracks in investor trust to heal. Therefore, it is necessary to maintain a high degree of skepticism as to whether Terra 2.0 can successfully save itself in the short term.