The new Terra will abandon three wallets as it is to be community-owned.
Terra’s revival strategy will completely remove the UST stablecoin from the new blockchain, which is set to go live this week.
However, the new Terra 2.0 blockchain will exclude three wallets that were critical to the original chain.
Terraform Labs (TFL), the Luna Foundation Guard (LFG), and the old community pool will be excluded from Terra 2.0, according to a tweet from Terra’s official Twitter account.
Specifically, the wallets will not be able to participate in the upcoming airdrop of new LUNA tokens.
Terra 2.0 Will Be Community Owned
The exclusion is consistent with founder Do Kwon’s statements that Terra 2.0 will be entirely community-owned and operated. TFL and LFG were founded and are likely to continue to lead Terra Classic.
The change implies that Kwon, TFL, and LFG will no longer be involved in Terra governance. It could also be a part of TFL’s “kill switch” protocol.
Kwon stated in a 2021 interview that if TFL was in a position where it could not “best serve the community,” it would cut all ties with the blockchain.
The Terra 2.0 proposal received 65.5 percent support from holders when voting ended on Wednesday. This week will see the distribution of new LUNA tokens, as well as the launch of the chain.
While the execution of Terra’s revival plan is a step in the right direction, the community blames Kwon and TFL for the crash.
Approximately $30 billion in investor funds were lost in the crash, as the UST mechanism failed to support the dollar peg. In South Korea, Kwon and TFL are facing a government investigation as well as a lawsuit.