Terraform Labs to List Brand New LUNA Token

Almost two weeks ago, Terraform CEO Do Kwon proposed a plan to save Terra after the significant crash of Terra (LUNA) and TerraUSD (UST). On May 25, the initiative was given the green light as it received much support from the crypto community.

The announcement arrives as Terraform prepares to relaunch its protocol on Friday, replacing the old Terra Classic (LUNC) chain with the new Terra (LUNA) chain. The proposal will basically build a new Layer-1 Terra blockchain without its algorithmic stablecoin.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Solana in Crypto? (Beginner-Friendly Animation)

SUBSCRIBE

ON YOUTUBE

Terra’s official Twitter account stated:

“Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.”

HitBTC, a European Bitcoin Exchange company that offers high liquidity and buying limits, first announced that Terra’s brand new chain token Luna will see the light of day on Friday, May 27. The new Terra's token will be called LU and will replace the existing token known as Luna Classic (LUNC).

According to the statistics taken from May 25, over 60% of Terra supporters voted for reviving Terra.

Terraform Labs is the developer of the Terra blockchain network and Anchor, an inter-chain DeFi application that pools emissions from proof-of-stake (PoS) blockchains.

In other news, earlier this month, the co-founder of Terra (Luna) Do Kwon received a fine of 100 billion won or $78 million for avoiding taxes from South Korea’s National Tax Service. According to the official statement, Kwon did not approve of how crypto taxes were handled in the country.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts