After the controversial collapse of the TerraUSD(UST) stable coin and its related coin Luna.
The project team was working on how to recover the down coin. This was a great project at the beginning as many investors invest million trusting these two stablecoins.
However, without a clear answer, the project crashed creating massive havoc. Many investors lost everything. With all this destruction The Terraform Labs ecosystem team didn’t give up. They worked day and night with many revival plans.
With all the processes Terraform Labs has confirmed the launch of the new project “Luna 2.0 blockchain” which will be released on May 27.
Terra recently tweeted ” Terra governance Proposal No.1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) has officially passed!”
“This means the new LUNA 2.0 will launch in the next 2 days (27th May 2022)”
So the new proposal to create a new blockchain ecosystem has received over 200 million yes votes. 1 Million was upset and they voted No to the proposal. 64 million abstained from voting. It means 65% said yes.
So now Terra said the applications that were hosted on the old Terra Blockchain migrate to the new one instead of having to rework their projects.
The world’s largest cryptocurrency exchange by volume Binance tweeted that they’re working closely with the Terra team on the recovery plan.
So this will be a huge thing in the next few days. Now the main thing is Terra will try to re-build the trust among the investors. It’s not going to be easy. Many exchanges delisted Terra.
Today morning CEO of Terraform Labs contacted the top five south Korean exchanges Upbit, Bithumb, Korbit, Gopax, and Coinone asking them to relist the new Luna 2.0.
However, the environment is not good in South Korea as the investigations are still going through the government authorities.
The idea of the new project was first tweeted on May 18.
So today the plan was officially approved. Huobi announced that they will list LUNA 2.0
Undoubtedly the market will be impacted by this new project. Some are positive about this and some are not. The famous dogecoin co-founder Shibetoshi Nakamoto tweeted the following,
Google trends show the interest in Luna 2.0 has increased in the past 24 hours.
It seems like the public is interested in this matter but will the project will be able to gain the trust? Will it be a good project? Or will it go through the same fortune as its previous Terra blockchain project? Nobody knows, so before investing do your own research.
