Terraform Labs CEO Do Kwon has announced a second revival plan for the failing Terra ecosystem in a Twitter thread.

Do Kwon Announces Revival Plan

Do Kwon is not ready to give up yet.

In his announcement, Kwon announced plans to pivot from focusing on the failing TerraUSD stablecoin (UST) to promoting development within Terra’s overall development ecosystem.

“The Terra ecosystem and its community are worth preserving,” Kwon wrote, adding that “Terra is more than $UST.”

The new plan means that Terra will be forked into two chains, Terra and Terra Classic. Those chains will host the Luna (LUNA) and Luna Classic (LUNC) cryptocurrencies respectively. Only the classic chain will have the algorithmic stablecoin TerraUSD.

The plan will also airdrop new LUNA tokens to LUNC stakers and holders, as well as residual UST holders and essential app developers. Terra will be a community-owned chain due to the fact that the Terraform Labs will not be included in airdrops.

Based on the proposal itself, a governance vote will be held on May 18. If it is successful, the new chain could be launched by May 27.

Though there is no data on how many stakeholders support the proposal, comments suggest many are critical of the plan and that most support an earlier plan involving a token burn.

Kwon compared TerraUSD’s failure to Ethereum’s DAO hack, calling the opportunity a “chance to rise up anew from the ashes.”…