After shaking the cryptocurrency market to its core, the builders of the Terra LUNA/USD blockchain are set to launch the LUNA 2.0 token on Friday.
What Happened: The new token will likely be launched on May 27, in accordance with a tweet from crytpo alternate HitBTC.
Dear Traders,@terra_money’s new chain token (LUNA) will likely be obtainable on HitBTC on May twenty seventh, 2022.
The previous chain will likely be renamed to Terra Classic (LUNC).
Learn extra: https://t.co/MuYPUfcMjJ
Stay tuned for updates. pic.twitter.com/shYIWtPuN6
— HitBTC (@hitbtc) May 25, 2022
In one other alternate, Huobi additionally confirmed the information and plans to listing the brand new token.
Are you prepared for “LUNA Rebirth”?💙 https://t.co/Vn1FFwlc4y
— Huobi (@HuobiWorld) May 25, 2022
Do Kwon, the founding father of Luna, launched his “Terra Ecosystem Restoration Plan” earlier this month, which might contain airdropping the brand new tokens to holders of the unique Luna tokens, resulting in the event of a brand new blockchain.
The response to the information was met with skepticism following the colossal implosion of the Luna token starting on May 9. The crypto misplaced 99% of its worth in simply 48 hours.
The drop was triggered when the blockchain’s stablecoin TerraUSD UST/USD grew to become unpegged from the greenback, inflicting a free-fall within the associated value of Luna.
Also Read: Do Kwon Shares Terra (LUNA) Burn Address But Also Says Sending Tokens There Isn’t A Good Idea
What’s Ahead: The proposal to relaunch the Terra blockchain and create the LUNA 2.0 token has been authorized by on-chain voters. The outcomes noticed 65.5% of the neighborhood supporting the plan, whereas 13.2% opposed the fork vote.
Meanwhile, Binanace, the world’s largest crypto alternate, says it is coordinating efforts with Terra builders on the launch of the brand new token.
The Terra neighborhood simply handed a vote to ‘Rebirth Terra Network’.
We are working intently with the Terra workforce on the restoration plan, aiming to supply impacted customers on Binance with the absolute best therapy. Stay tuned for additional updates.
— Binance (@binance) May 25, 2022
Further Repercussions: As Kwon makes an attempt to place Terra’s $40 billion loss for buyers within the rearview mirror, there should be additional penalties for the incident.
The Seoul Metropolitan Police need to freeze the Luna Foundation Guard’s (LFG) firm funds with the intention to prohibit them from withdrawing any funds.
There have additionally been a variety of conspiracy theories and rumors circulating about Terraform Labs and Kwon following the crypto’s crash. This contains a resurfaced video of Kwon discussing a kill swap, which might allow Terraform Labs to burn all property and lower all ties inside 24 hours.