A group of dApp developers in the Terra ecosystem, calling themselves “Terra Builders Alliance,” has put forward a rough draft of a proposal to restart the project “to honor existing UST holders, loyal Luna owners, and developers.” according to a forum post.
Other groups are considering moving apps built on the Terra chain to other smart contract blockchains built using the same architecture.
The Terra Builders Alliance proposal, which has yet to be formally submitted to governance for a vote, calls for a “new Luna” to be minted and distributed prior to depegging UST, as well as the remaining UST holders, i.e. until the new network launch. The normal system of governance, based on on-chain voting, is flooded with suggestionsmany of which do not yet have votes, so it is unclear how the community will reach consensus on how to proceed.
Also not specified what role Terraform Labs and its founder Do Kwon would play in this plan. A TFL spokesman did not immediately respond to Blockwork’s request for comment.
The proposal is the work of four prominent dApp developers on Terra – Nexus, Apollo, Astroport, Mars – but missing from the list is Anchor, where the bulk of the economic value on the network is stored.
“Once the UST has been swapped with LUNA at the launch of the new network, it will no longer exist in its current form and will be restarted in a collateralized form once it is formed,” the proposal reads.
Aside from launching an entirely new network, the community might consider moving their work to another smart contract blockchain — Juno — built with the Cosmos SDK and on which dApps are written KosmWasm, just like Terra. The leaders of Juno are lay the foundation for a community fund that would encourage Terra’s many dApp developers to migrate their wares.
Another Cosmos chain that could implement permission-free CosmWasm dApps is Osmosis, best known for being home to the largest decentralized exchange in the Cosmos ecosystem. Co-founder Sunny Aggarwal pitched the idea Thursday an informal Twitter pollalthough early results suggest its supporters are overwhelmingly opposed to any change away from the chain’s current, “governance-gated” dApp strategy.
In the short term, countless stories of heartbreak and loss related to this unprecedented and sudden collapse are surfacing on social media platforms.
Community members gather in various forums Sharing grief, giving advice, and expressing anger and frustration.
Terraform Labs CEO Do Kwon may also fear for his safety, according to local Korean mediaafter a stranger rang the doorbell of his house, asked if he was home, and then fled.
What’s Next for the Terra Ecosystem? is not financial advice.
Source: Crypto News Austria