Terraform Labs CEO Do Kwon is out with a new “Revival Plan” to save Terra ecosystem in the wake of last week’s stablecoin meltdown.

Calling the implosion “a chance to rise up anew from the ashes,” Kwon said “the ecosystem and its community are worth preserving” as he pitched the second take revival plan as a “living document.”

Kwon proposed forking Terra into a new chain sans TerraUSD, the algorithmic stablecoin whose depegging crushed the entire ecosystem – LUNA included.Holders of LUNA on the “Classic” chain (the existing chain) would receive an airdrop of the new chain’s token under the plan.The new chain will be “fully community owned,” and Terraform Labs — Kwon’s company and the creators of Terra — will not be eligible to receive funds in the initial token disbursement.

This is a developing story and will be updated.