Terra Community to revive LUNA Cryptocurrency

On Wednesday Terra’s official Twitter account tweeted “Terra 2.0 is coming”.Do Kwon, the founder of Terraform Labs planned to revive the Terra Ecosystem after the de-pegging of stablecoin USTand the plunge of cryptocurrency LUNA. And yesterday its plan has passed and approved by the Terra community.

pexels olya kobruseva 8358040

The terra ecosystem has voted with overwhelming support to pass Proposal 1623 and called for a new blockchain genesis to preserve the community.

The company tweeted that the Luna token is new and should not be confused with the old one. The new blockchain will be named Terra (LUNA) whereas the old one will be termed Terra Classic (LUNC).

The relaunch plan of LUNA has been scheduled for May 27 as it has passed its threshold.

pexels alesia kozik 6771147

It has also planned to airdrop the tokens to the investors who have not withdrawn their investments and sold their old LUNA tokens or UST stablecoins during its collapse.

Recently Terra’s native token wiped out around $30 billion of the investors’ investment. The de-pegging of UST, Terra’s stablecoin has brutally hit its sister coin Luna, which led to the collapse of Terra Blockchain as investors withdrew their investments during the turmoil.

Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

Leave a Comment