Do Kwon announced Monday that he had revised his plan to restore the Luna Blockchain after significant market volatility, inherent protocol design problems, and the loss of a large portion of the market capital caused by the Luna blockchain. Kwon said that Terraform Labs, Terra Luna’s co-founder, will present a new governance plan on May 18, to fork Terra Luna (token number: LUNA).

However, it will not be tied to TerraUSD (UST), a stablecoin. Meanwhile, Terra Classic (LUNC), the Terra blockchain with UST will still exist. Kwon plans that the new LUNA chain will be available on May 27, if it is approved.