Do Kwon (co-founder of Luna’s troubled blockchain) announced Monday a new plan for restoring the system after significant market volatility combined with inherent protocol design flaws had wiped out the majority of its market cap. Kwon stated that Terraform Labs would present a revised governance proposal to Terra Luna Blockchain on May 18. (Token name: LUNA).

However, it will not be tied to TerraUSD (UST), a stablecoin. The Terra Classic (LUNC) will replace the Terra blockchain that was created with UST. Kwon has a plan that, if approved, will see the new LUNA Blockchain go live May 27, according to Kwon.