The heat has been pretty intense on the luna foundation team the circulating supply of terra token has been another challenging issue that seems unending as over 6 trillion units of terra has been minted, and there seems to be no limit to how much funds can be used to revive the fallen token with this high circulating supply getting luna back to it previous prime value could be a mystery, initiating buyback and burn mechanism has been suggested by investors which will require an enormous amount of cash to buy and burn such high circulating supply the question, here again, is does the team have enough resource to buyback and burn to reclaim balance in supply can investors trust anchor protocol with their life savings?
1 billion token redistributions first proposal
A total of 1 billion tokens was proposed by Do Kwon which will be the maximum supply of terra this supply will be distributed among network chain ownership users.
Users who are said to benefit from this shear include Luna holders will share 400 million units (40%) UST holders will also have a 40% share of 400 million units and 10% to the community pool for future development (100 million) and finally another 10% to luna holders at the moment of chain halt.
source
After the above proposal was pass seems community users were not in favor of such an idea and it was immediately nullified by the community through a voting system.
Terra's classic second proposal
The new revival plan two proposed by Do Kwon is to abandon the UST stable coin rename the current chain and fork a new Luna Classic chain token.
With the new chain, 1 billion luna tokens will be airdrop between developers, UST holders, and those who stake or hold UST before it de-peg below $1.
Currently, voting is live which will last for another 7 days lots of votes have been coming in with most users in favor of the new proposal over 89% have voted yes which means if all goes in favor of the majority we might see a new forked token on the terra blockchain.
95.5 million votes have been cast with more votes to be counted in the coming days which can be seen from the image above.
Can this new proposal suggest a lasting solution to terra's imminent fall? or do we need revival plan 3 with an improved solution.