A key a part of Terra’s restoration plan is the removing of Do Kwon’s Terraform Labs and making the blockchain fully community-owned.
However this facet of the plan could have been premediated. An outdated interview of Kwon, which resurfaced just lately, reveals the Terra founder speaking a couple of “kill swap” for Terraform Labs (TFL).
The Terra restoration proposal will embody a tough fork to a brand new chain, referred to as Terra Model 2. It is going to additionally entail an airdrop of recent LUNA tokens to holders on the outdated blockchain.
Is TFL’s exclusion from the blockchain premediated?
Within the interview from 2021, Kwon says that if Terraform Labs have been to be able the place it couldn’t “greatest serve the neighborhood,” the agency would “pull the set off,” and minimize all ties to the blockchain.
With accountability over the Terra crash now falling straight on Kwon and TFL, such a state of affairs could also be taking part in out. Kwon had referred to as the transfer a “Protocol Armageddon.”
We pull the set off and 24 hours later, we’re gone. We burn all our property, we minimize all of our ties, and its nothing. That’s simply in case issues transfer a little bit bit quicker than we’re anticipating.
The precise wordings of the Terra restoration proposal, which is at present being voted on, are “TFL’s pockets will likely be eliminated within the whitelist for the airdrop, making Terra a totally neighborhood owned chain.”
Did TFL know the Terra crash was coming?
The interview has now fuelled hypothesis that the Terra crash was deliberate by TFL. However Twitter consumer @FatManTerra, who dug up the interview, says Kwon’s feedback could not have been malicious, however slightly an extra decentralization measure.
Nonetheless, different customers famous studies that Kwon had moved TFL to Singapore from South Korea only a week earlier than the Terra collapse. Kwon’s proposal to exhausting fork the chain had additionally attracted criticism from a number of notable crypto voices, together with Binance CEO Changpeng Zhao.
However to this point, LUNA holders seem like on board with Kwon’s plan to exhausting fork the chain and airdrop new tokens. Roughly 80% of voters approve the proposal, whereas 14.8% have voted in opposition to it and invoked veto powers.
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