Terra Ecosystem Announces Some Key Amendments to Its Revival Plan

Must Read

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Uniswap Set To Add NFTs To Its Product Lineup With Latest Acquisition

On Tuesday, a popular crypto start-up and founders of a leading decentralized exchange of the name Uniswap...

Yuga Labs vs. Ryder Ripps: Decoding the impact of the lawsuit on the performance of ‘Apes’

Yuga Labs is the limelight again. However, this time around the NFT giant announced that it has...

In the latest development, Terra has published an amendment to proposal 1623 and has made three major revisions following the community feedback.

1. Increasing the Genesis Liquidity

With this move, Terra claims to be protecting the interest of smaller wallet holders who were holding LUNA before the attack. Terra says that it has increased the initial liquidity parameters from 15% to 30% for “pre-attack $aUST holders, post-attack $LUNA holders, & post-attack $UST holders”. This will help to mitigate future inflationary pressure.

2. Pre-attack LUNA Holders Will Get New Liquidity Profile

The new liquidity profile will give wallets with less than 10K LUNA to have the same genesis liquidity, 30% unlocked at launch. The rest 70% of liquidity will open up over two years every 6-month duration.

Terra adds: “Introducing this new liquidity profile ensures that small $LUNA holders have similar initial liquidity profiles. This would cover 99.81% of $LUNA wallets while only representing 6.45% of total $LUNA at the Pre-attack snapshot”.

3. Decreasing Distribution to Post-Attack UST Holders

Terra said that it has decided to reduce the allocation for post-attack UST holders from 20% to 15%. This will ensure that the de-peg-related allocation stays on par with the original stakeholder allocation.

Terra says that the 5% change from decreasing the distribution to post-attack UST holders shall be allocated to the community pool. Terra has opened up the voting for proposal 1623 which will end in 5 days.

The collapse of the Terra ecosystem has shaken the entire crypto market. It has also turned out to be one of the biggest and the fastest wealth erosion for crypto investors evaporating over $40 billion in the matter of just a week.

Some of the big investors had to write off tens of millions of dollars in this market correction.

Source: https://coingape.com

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Uniswap Set To Add NFTs To Its Product Lineup With Latest Acquisition

On Tuesday, a popular crypto start-up and founders of a leading decentralized exchange of the name Uniswap announced the acquisition of Genie,...

Yuga Labs vs. Ryder Ripps: Decoding the impact of the lawsuit on the performance of ‘Apes’

Yuga Labs is the limelight again. However, this time around the NFT giant announced that it has filed a lawsuit against old...

Anonymous vows to bring Do Kwon’s ‘crimes’ to light

Hacktivist group Anonymous has pledged to “make sure” Terra co-founder Do Kwon is “brought to justice as soon as possible” in regard...

SEC requests comments on the guidelines for ICO portals

To avoid conflicts of interest and clarify the rules of outsourcing, the Securities and Exchange Commission (SEC) asks the public for feedback...
- Advertisement -

More Articles Like This