Terra’s development team has announced that LUNA 2.0 will be launched soon.

After the Terra ecosystem collapsed, the development team worked a lot to revitalize the ecosystem. The development team announced that they would officially launch a new blockchain called LUNA 2.0.

“Terra Governance Proposal No. 1623 to rename the existing Terra Classic network (LUNC) and reincarnate a new Terra blockchain (LUNA) has been officially adopted!”

This means that LUNA 2.0 will officially launch on May 27, 2022. It is worth noting that the proposal to change the name and create a new blockchain has received more than 200 million “Yes” votes and 1 million “No” votes. Currently, applications hosted on the old Terra blockchain are being migrated to the new blockchain instead of reworking new projects.

Binance announced that it is working with Terra on a recovery plan. In addition, they intend to make it available to affected users on Binance.

What else the recovery plan entails

Millions of LUNA tokens would be distributed to supporters per the recovery plan. The value of the same is expected to rise once people adopt the new blockchain. Essentially, the vote was open to LUNA HODLers, and one token was equal to one vote.

The vote about whether or not to fork the blockchain was initially proposed by Do Kwon on May 18. Per the same, LUNA would be the only currency used by applications and projects based on the new blockchain.

Also, per the proposal, the old blockchain—rechristened Terra Classic— would still exist and host UST. However, the applications built on the old blockchain and the organizations validating the transactions would plausibly move to the new blockchain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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CoinCu News

KAI

# Cryptocurrencies

Binance

LUNA

LUNA 2.0

LUNC

Terra

Author

Victor

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News

LUNA 2.0 is scheduled to launch on May 27, 2022.

Terra’s development team has announced that LUNA 2.0 will be launched soon.

After the Terra ecosystem collapsed, the development team worked a lot to revitalize the ecosystem. The development team announced that they would officially launch a new blockchain called LUNA 2.0.

“Terra Governance Proposal No. 1623 to rename the existing Terra Classic network (LUNC) and reincarnate a new Terra blockchain (LUNA) has been officially adopted!”

This means that LUNA 2.0 will officially launch on May 27, 2022. It is worth noting that the proposal to change the name and create a new blockchain has received more than 200 million “Yes” votes and 1 million “No” votes. Currently, applications hosted on the old Terra blockchain are being migrated to the new blockchain instead of reworking new projects.

Binance announced that it is working with Terra on a recovery plan. In addition, they intend to make it available to affected users on Binance.

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.

— Binance (@binance) May 25, 2022

What else the recovery plan entails

Millions of LUNA tokens would be distributed to supporters per the recovery plan. The value of the same is expected to rise once people adopt the new blockchain. Essentially, the vote was open to LUNA HODLers, and one token was equal to one vote.

The vote about whether or not to fork the blockchain was initially proposed by Do Kwon on May 18. Per the same, LUNA would be the only currency used by applications and projects based on the new blockchain.

Also, per the proposal, the old blockchain—rechristened Terra Classic— would still exist and host UST. However, the applications built on the old blockchain and the organizations validating the transactions would plausibly move to the new blockchain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

CoinCu News

KAI

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