Major validator calls for ‘completely new chain’ to replace Terra

A group of people around each other Blockchain

Major validator calls for ‘completely new chain’ to replace Terra

The operator of a major validator node on Terra is displeased with how events unfolded leading to the cessation of the chain and hopes a whole new blockchain will be created to replace it.

As the dust settles from the Terra ecosystem crash and the community decides what the next steps should be, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently.

Jiyun Kim, CEO of blockchain solutions company DSRV, wrote an opinion post on his own behalf, detailing how the Terra team tip-toed around the idea of halting block production while Terra (LUNA) prices crashed and its TerraUSD (UST) stablecoin was depegged. He now urges validators in the Terra ecosystem to reject a hard fork in favor of a brand new community-driven blockchain.

DSRV runs a validator node on Terra with 9.36% of the on-chain voting power. DSRV has suffered as much as any investor because its node had collected 14 million LUNA, worth about $1 billion by May 8, which is now worth about $3 million.

Kim wrote that the decision to halt the chain on May 12 was not taken lightly by the Terra Validator League, which was renamed the “Terra Rebirth League.” However, he said the Terra team failed to give the proper notification using the word “Confirm” to actually confirm with all validators that they should halt the chain, which left him feeling “betrayed.” He wrote:

Kim told Cointelegraph on Monday that he wants to “save the community” but that there is no major coordinator in victim support efforts “because there are still legal issues there:”

“I’m not a hero, but I really want to save people.”

On May 8, a sell-off of UST tokens sparked a panic, ultimately leading to the price of LUNA to fall from $73 to a minuscule $0.000000999967 on Friday, according to CoinGecko. UST is still catastrophically depegged from the dollar, trading at $0.16, while LUNA is virtually worthless, trading down 30.8% over the last 24 hours at $0.00026619.

Rate article
( No ratings yet )