Terra's new token dubbed LUNA will launch on May 27.
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.
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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.