A new suggestion to Terra ecosystem: bring a ‘completely new chain’

Terra chain should be shut down indefinitely until the dust settles following the Terra ecosystem disaster.
Terra chain should be shut down indefinitely until the dust settles following the Terra ecosystem disaster.

The CEO of a validator runner in South Korea believes the existing Terra chain should be shut down indefinitely until the dust settles following the Terra ecosystem disaster and the community chooses what the next steps should be.

Jiyun Kim, CEO of DSRV, a blockchain solutions company, published an opinion piece on his own account, explaining how the Terra team danced around the possibility of ceasing block production when LUNA values plummeted and the Terra USD (UST) stablecoin was depegged. He is now urging Terra ecosystem validators to reject a hard fork in favor of a completely new community-driven blockchain.

On Terra, DSRV hosts a validator node with 9.36 percent on-chain voting power. Because its node had received 14 billion LUNA worth roughly $1 million in LUNA by May 8, which is now worth about $3 million, DSRV has suffered as much as any other investment.

Terra ecosystem receives multiple proposals

The Terra ecosystem received tons of proposals and suggestions from all over the crypto community on how it can return back from the crisis. As TheCoinRise reported, Ethereum co-founder Vitalik Buterin suggested the company prioritize compensating small UST holders.

The Terra Validator League, which was dubbed the “Terra Rebirth League,” did not take the decision to suspend the chain on May 12 lightly, according to Kim. 

He said, however, that the Terra ecosystem failed to provide the proper notification to truly confirm with all validators that the chain should be halted, leaving him feeling “betrayed.” He writes:

“And the announcement that they made [made it sound like] the chain restart was originally the validator’s opinion. YES, they didn’t use the term ‘Confirm’.”

On May 13, Terra founder Do Kwon recommended reassembling the chain and reducing the token supply to 1 billion LUNA. Kim appears to disagree with Kwon, writing in his post that reusing the Terra chain “totally reduces the internal value of the Terra chain to zero.”

There may be more to the story, as Kim claimed in his post that validator league control has been transferred to the community, granting a semblance of decentralization and maybe shielding the Terra team from further legal entanglements.