News

Terra 2.0 Coming With A New “Rebirth” On May 27 But This Time Without UST Stablecoin

Published by

It seems that Do Kwon and his team have finally arrived with their Terra Ecosystem revival plan after one of the biggest crashes in the history of crypto earlier this month. As per the announcement, a new chain dubbed Terra 2.0 shall be launched on Friday, May 27.

The announcement states that “the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain”. As per the proposed plan, the original blockchain will be split off with the old chain being called Terra Classic. The new blockchain will get the name Terra which will run without any algorithmic stablecoin.

Similarly, the old Luna token shall be called Luna Classic (LUNC) while the new token gets the name LUNA. Do Kwon and his team have decided that all holders of the earlier LUNA and UST cryptocurrencies shall get the new crypto in an airdrop on Thursday. This will rely on the snapshots taken of the old Terra network for verifying participants.

However, Terra has mentioned that due to technical constraints, it won’t be possible to include all LUNA and UST holdings on Terra in the snapshot. This includes UST or LUNA bridged off of Terra, Users with bridges LUNA or UST who are willing to be included in the post-attack snapshot should bridge back to the Terra blockchain.

The snapshot will also not include UST or LUNA on CW3 multi-sig contracts. Although it will try to include most of the UST or LUNa, there will be some edge cases.

Crypto Exchanges Extend support to the Terra 2.0 Plan

Some of the most popular cryptocurrency exchanges have come forward in support of the Terra 2.0 launch. Cryptocurrency exchange Huobi said that it would support the launch while OKX said that they would be supporting the airdrop of the new LUNA tokens. On the other hand, the world’s largest crypto exchange Binance announced:

“The Terra community just passed a vote to ‘Rebirth Terra Network’. We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.”

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share
Published by

Recent Posts

  • News

Terra USTC Price Skyrockets By 75%; Will It Recover More?

Terra’s collapsed tokens TerraClassicUSD (USTC) and Terra Classic (LUNC) which triggered the crypto market crash…

June 29, 2022
  • News

Does Celsius Owe $174 Mln To Voyager Digital?

Nansen CEO Alex Svanevik on Wednesday revealed that Celsius received large amounts of funds from…

June 29, 2022
  • Uncategorized

As Bitcoin Goes Below $20K, Stats Show How Close Is Bottom

Amid much hype of buying the dip at current prices and market reaching its bottom…

June 29, 2022
  • News

Babel Finance Reportedly Loses Top Employees Amid Insolvency Rumors

According to crypto news and research website The Block, beleaguered crypto lender Babel Finance is…

June 29, 2022
  • News

CoinFlex CEO Vs Roger Ver, Who Owes Whom?

CEO of Cryptocurrency exchange CoinFLEX Mark Lamb, stated on Twitter that CoinFlex has issued Bitcoin Cash…

June 29, 2022
  • News

Just-In: FTX CEO Sees These Crypto Firms Becoming Insolvent

FTX CEO Sam Bankman-Fried warned in a recent interview that several small crypto exchanges are…

June 29, 2022