Following Terraโs $40 billion ecosystem collapse, Do Kwon, Terraform Labs co-founder and CEO, proposed to launch a new Terra blockchain. Originally met with negative reactions, the project is now set to proceed with the proposal.
Launch Date Announced for Terraโs โRebirthโ
The Terra proposal to create a new chain, Terra 2.0, has been approved. The Terra proposal 1,623 received over 200 million votes in favor. 65.5% of the voters approved the creation of a new chain, 20.98% abstained from voting, while 13.2% used the โno with veto.โ
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When Terra 2.0 is created, the current chain will be crashed to zero and be renamed Terra Classic. The new chain will also not feature the algorithmic stablecoin that led to the downfall of the Terra ecosystem.
Terra has announced that the Terra 2.0 will go live on the mainnet on Friday, May 27. Subsequently, LUNA 2.0 tokens will be available for trading, which will be airdropped to the existing stakeholders.
Terra LUNA 2.0 Gets Support from Major Exchanges
Ahead of the launch, major exchanges have shown positive sentiment regarding LUNA 2.0. Bybit, Huobi, Binance, and Bitrue will assist in the airdrop of new LUNA tokens, slated for May 27.
On The Flipside
- South Korean prosecutors are investigating Do Kwon for endorsing Anchor Protocol, which they allegedly called a Ponzi Scheme.ย
- South Korean Exchange Korbit to Delist LUNA
Why You Should Care
Despite the challenges, Kwon remains focused on resurrecting the Terra ecosystem and quelling community backlash.
To learn about the Terra collapse, also check:
Terra Switched Off Indefinitely, LUNA & UST Barely Alive, andย
