Terra Announces Rebirth Date, Gets Support from Major Exchange

Following Terra’s $40 billion ecosystem collapse, Do Kwon, Terraform Labs co-founder and CEO, proposed to launch a new Terra blockchain.

Following Terra’s $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 Terra’s “Rebirth”

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 “no with veto.”

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 Exchange Korbit to Delist LUNA

Why You Should Care

Despite the challenges, Kwon remains focused on resurrecting the Terra ecosystem and quelling community backlash.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia