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Do Kwon, the founder of Terraform Labs, offered a "Terra Ecosystem Revival Plan" in a forum post 30 minutes ago.
Kwon's "Revival Plan" entails a complete restart of the Terra blockchain, with network ownership going entirely to UST and LUNA holders via 1 billion new tokens.
Terra's terraUSD (UST) stablecoin, which is intended to be set to $1, "death spiraled" to 15 cents this week, wiping down roughly $30 billion in value. LUNA, UST's sibling token that boosted the stablecoin's value, has dropped to less than a penny (it was valued more than $80 just a week ago).
Kwon, who founded the Terra blockchain with his Terraform Labs team, admits that the Terra ecosystem has completely collapsed in Friday's proposal.
"Even if the [UST] peg were to finally reestablish when the last marginal buyers and sellers capitulated," Kwon said, "the holders of Luna have been so brutally liquidated and diluted that we will lack the ecology to rebuild from the ashes."
"UST holders need to own a big share of the network, and as network debt holders, they need to be compensated for the tokens they've held to the end," he concluded.
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