Rescue by Rebirth of Terra (LUNA): Proposal accepted by Kwon

Rescue by Rebirth of Terra (LUNA): Proposal accepted by Kwon

Saving schism on Terra? – After the UST stablecoin lost its peg to the US dollar, the token MOON Terra project collapsed to zero… or almost. co-founder Terra, To Kwonmake rescue proposal crumb residues from the project. The last one was just there approved vote on the management of the LUNA blockchain.

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By Kwon’s plan approved at 65.5%

After a historic high (ATH) of nearly $ 120 in April 2022, the price of the token MOON now stagnant … 0.0002 USD.

In an effort to give meaning to the Terra project, its co-founder, To Kwonsuggested to do kind forked of Terra Blockchain. But this one looks more like a new network starting from the block Genesis and with a total stock limited to 1 billion from LUNA. Old blockchain, renamed Terra Classic (LUNC) would remain with its nearly 7 trillion LUNA (or LUNC, if it comes down to it), which is caused by the collapse of TerraUSD (UST).

This proposal met some hostilityincluding and preliminary vote againstbut off-blockchain. and voting on governance on a chain (including ownership of LUNA tokens) has just issued its verdict and this time there was a proposal widely adopted. WITH 65.5% for and a total of 13.5% against (and 20% abstained).

Rulers vote for Terry’s rescue plan proposed by Do Kwon

Terra’s LUNA 2.0 will soon be listed on the crypto exchange

Run this “rebirth” de Terra is scheduled for this Thursday May 26, 2022 evening (French time), more precisely at the height of block No. 7 790 000.

Cryptocurrency exchange platform HitBTC She was among the first to announce that she was doing well and really list this new LUNA token with phoenix sauce:

“Dear Traders, the new Terra blockchain token (LUNA) will be available at HitBTC on May 27, 2022. The old blockchain will be renamed Terra Classic (LUNC). (…) ”

HiBTC will accept new LUNA 2.0 tokens from Terra.
HitBTC exchange list on Terra’s new LUNA token – Source: Twitter

At the moment, I’m not sure it’s going to be enough to raise the bar … especially since then Luna Foundation Guard (LFG) has grilled for bitcoins (BTC) worth $ 3 billion their reserves, try to (in vain) save UST. Anyway, on May 26, 2022, there will be Terra reborn from the ashes still smoking. Whether the emerged phoenix will survive remains to be seen!

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