Summary:
Terra’s Do Kwon has stated that he did not sell any LUNA nor UST during the depegging crisis and subsequent inflation of LUNA
Do Kwon also explained that he was heartbroken ‘about the pain [his] invention has brought’
He also explained that the team at Terra is working on documenting the Luna Foundation Guard Bitcoin reserves during the events of the last few days
Mr. Kwon has urged the Terra community to revive the chain
Terra’s founder, Do Kwon, has clarified via Twitter that he did not sell any LUNA nor UST during the depegging crisis and subsequent inflation suffered by LUNA. He also added that the institutions he is affiliated with did not in any way profit from the events of the last week.
Do Kwon is Heartbroken About the Pain his Invention Caused People
Do Kwon’s statements on him not selling LUNA nor UST were part of a six-part Twitter thread that began with him stating that he has been in constant communication with the Terra Community and that he was heartbroken about what transpired over the last few days. He said:
I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.
I am heartbroken about the pain my invention has brought on all of you.
Terra Is Working on Documenting the Use of LFG’s Bitcoin
Within the Twitter thread, Do Kwon stated that the team at Terra was currently documenting the use of the Luna Foundation Guard’s over 80k Bitcoin holdings during the depegging event. He also asked for patience on the matter as the Terra teams ‘are juggling multiple tasks at the same time.’
The Terra Community Could Revive the Chain
In the final sections of the six-part Twitter thread, Do Kwon shared a link with details of his proposed revival plan for the Terra ecosystem. He urged the community to ‘reconstitute the chain to preserve the community and the developer ecosystem.’
Do Kwon’s revival plan of the Terra Chain also included the following:
Validators to reset the network ownership to 1 billion tokens
400 million of the tokens will be distributed to Luna holders before the depegging event
Another 400 million tokens to UST holders pro-rate at the time of the new network upgrade
100 million to Luna holders at the final moment of the chain halt
100 million to the community pool to fund future development
All Luna besides the third tranche should be staked at the network genesis state
The network to incentivize its security with a reasonable inflation rate of maybe 7%, as fees will no longer be enough to pay for security without the swap fees
[Feature image courtesy of Bloomberg.com]
