Terra’s ecosystem crash had wiped nearly $40 billion from the crypto market and brought nightmares for its investors. It is one of the biggest implosions in the cryptocurrency market that took place in May this year.
However, the developers of Terra now want to make a comeback for LUNA with a 4-year revival plan amid the crypto winter, and co-founder Do Kwon has violated South Korea’s Capital Markets Act.
Can LUNA Make A Comeback With Revival Plan?
Terra’s developers have rolled out several revival plans, and the founding team is putting enough effort into pushing LUNA upward despite its co-founder Do Kwon’s arrest warrant for committing fraud. The South Korean government authorities have been looking for Kwon since September; however, Kwon claimed he is not on the run.
Terra Labs now introduces ‘Terra Expedition’, an enhanced version of Terra’s developer mining and alignment program, which was created during the founding of Terra.
Terra Expedition will be funded with 9.5% of LUNA’s total supply, which was decided at the launch of LUNC, which is Terra’s new blockchain after LUNA’s crash. It is to be noted that the introduction of LUNC was also a revival plan to bring back the old reputation of LUNA.
Terra Abhiyan’s incentive program will continue for four years and the proposal will be evaluated every year by a community elected committee.
The main motive behind forming this revival plan is to attract investors and developers to LUNA’s network, which will gradually bring liquidity.
The proposal states, “The Terra Campaign is a four-year program that aims to grow the Terra ecosystem through a series of initiatives with three main objectives, namely: to encourage developers to build on Terra, Deepening liquidity on Terra and getting users involved in Terra.”
A Second Chance For LUNA!
According to the proposal, 20 million LUNA tokens are assigned for the incentive program. Furthermore, the program will provide exclusive rewards, including prize money of $40K to developers for successfully building a project with smart contracts on the LUNA network.
Some of the network projects that could be developed include decentralized apps, lending protocols, stablecoin issuers and derivatives protocols. The proposal states that the LUNA token will be circulated in the network on a quarterly basis.
Another distribution of 50 million LUNA tokens has been proposed for the mining incentive program, which will be distributed over the next four years. This fund will be used to fulfill the initial liquidity of projects built on the network.
In addition, the Terra developers have offered another five million tokens as an incentive for users to access projects on the network and create NFTs on the platform.
However, it seems that such distribution of tokens will only benefit a few protocols, and it may not bring any significant change to LUNA’s ecosystem.
