News

Along With UST, These Wallets Will Be Excluded From Terra 2.0

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

May 26, 2022

news-image

As per the announcement, The UST stablecoin will be completely removed from Terra’s resuscitation plan, which is expected to debut this week

However, it’s just not that, also three wallets that were crucial in the original chain will be excluded from the new Terra 2.0 network.

Terraform Labs (TFL), the Luna Foundation Guard (LFG), and the existing community pool will all be eliminated from Terra 2.0, according to a post from Terra’s official Twitter account.

Also the wallets will not have access to the LUNA token airdrop scheduled for this week.

Terra 2.0, A Part Of TFL’s Kill Switch Protocol?

Terra 2.0 will be completely community-owned and operated, according to creator Do Kwon’s remarks. TFL and LFG-founded Terra Classic will most likely continue to lead it.

Kwon, TFL, and LFG will no longer be involved in Terra governance as a result of this change. It’s also possible that it’s part of TFL’s “kill switch” protocol.

Kwon added in a 2021 interview that if TFL found itself in a position where it couldn’t “serve the community, better” it would terminate all links with the blockchain.

On Wednesday, holders voted in favor of the Terra 2.0 plan, with 65.5% in favor. This week will see an airdrop of additional LUNA tokens, as well as the introduction of the chain.

Yet Do Kwon Gets Backlash

While carrying out Terra’s resurrection plan is a start towards the direction of the recovery phase, the community has generally blamed Kwon and TFL for the disaster. 

The meltdown wiped away almost $30 billion in investor funds, as the UST’s system failed to preserve the dollar peg. In South Korea, Kwon and TFL are the subjects of a government inquiry as well as a lawsuit.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button