Terraform Labs has published a plan to restore the TerraUSD (UST) peg to the U.S. dollar and restore Luna.
Terraform Labs CEO Do Kwon spoke in favor of Proposition 1164. It consists of increasing the pool and issuance of Luna to take the necessary amount of USTs out of circulation.
Terraform Labs also proposed additional measures to stabilize assets.
First, the developers are going to burn the remaining USTs in the Terra community pool (about $1 billion USTs). Second, burn 371 million USTs on the Ethereum blockchain. Third, allocate 240 million LUNA to protect against potential attacks on the network.