Terra main validator calls for 'brand new chain' to replace Terra

As the dust settles on the collapse of the Terra ecosystem, the community decides what steps should be taken next. The CEO of a validator node operator in South Korea believes that the old Terra chain should be permanently shut down.

Jiyun Kim, CEO of blockchain solutions company DSRV, penned an opinion piece in his own name detailing how the Terra team is carefully considering the LUNA price crash and the depeg of the Terra USD (UST) stablecoin. The idea of stopping block production. He is now urging validators in the Terra ecosystem to reject the 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 suffered as much as other investors, and its nodes had collected 14 billion Luna on May 8, worth about $1 billion at the time, and now worth about $3 million.

Kim wrote that stopping the Terra chain on May 12 was not a decision taken lightly by the Terra Validator League, now renamed the Terra Rebirth League. However, he said he felt "betrayed" by the fact that the Terra team did not use the word "confirmation" to issue a proper notice to all validators to actually confirm that they should stop the Terra chain. He wrote:

“Their announcement said (to make it sound like) the chain restart was originally the opinion of the validators. Yes, they didn’t use the word ‘confirmation.’”

Terra founder Do Kwon proposed on May 13 to reorganize the blockchain and reset the supply to 1 billion LUNA. Kim said in his article: "Reusing the Terra chain will completely reduce the intrinsic value of the Terra chain to zero."

“The previous Terra chain should be gone for good. A new community-driven chain should be built to save the lunatics.”

Based on what Kim wrote in the post, there may be a follow-up to this story. Control of the validator coalition has been handed over to the community, giving the illusion of decentralization, which may protect the Terra team from further legal liabilities. He wondered if the project was prepared to respond to upcoming legal hurdles by asking, "Maybe this could be used to mitigate their legal risk?"

According to Wu Blockchain’s May 14 tweet, a Singapore resident has filed a lawsuit against Do Kwon for investors in UST and LUNA.

Kim told Cointelegraph on May 16 that he wants to “save the community” but doesn’t have a primary coordinator in victim support efforts “because there are still legal issues there.”

"I'm not a hero, but I really want to save people."

According to data from CoinGecko, on May 8, the sell-off of UST tokens caused a panic that eventually caused the price of LUNA to drop from $73 to $0.000000999967 on May 13. UST remains heavily decoupled from the greenback, trading at $0.16, while LUNA is virtually worthless, down 30.8% over the past 24 hours to $0.00026619.

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