The Korean coin Luna, which fell by 99.99% and was expelled from the cryptocurrency exchange, and the Terra blockchain, which became its foundation, are dreaming of a revival.
On the 25th (local time), Terra posted on its official Twitter account (@terra_money), “Terra 2.0 is coming soon.” “The Terra ecosystem, with overwhelming support, requested the start of a new blockchain and the preservation of our community, and submitted ‘Proposition 1623’. We voted to pass it,” he said.
On the 17th, Terra held a vote on the resurrection of the Terra Blockchain at the Terra Research Forum, a protocol discussion forum for the Terra Blockchain. Terraform Labs CEO Kwon Do-hyeong, who created the Terra ecosystem, proposed to discard the stablecoins TerraUSD and Luna following they plummeted and create a new blockchain ecosystem and stablecoin, and put up a vote.
90% of Terra Research Forum members opposed Kwon’s proposal. However, CEO Kwon insisted that only ‘verifiers’ who have actually transacted on their own blockchain should be voted once more, and in the vote for them, the proposal was eventually passed.
According to Archyde.com on the 25th, the vote was to revive the Luna token and create a new Terra block chain, but Terra USD decided not to revive. Accordingly, the original Terra block chain will be renamed ‘Terra Classic’ and the original Luna token will be renamed ‘Luna Classic’.
However, there are many skeptics regarding whether Terra’s revival plan will succeed. Vijay Aya, vice president of cryptocurrency exchange Luno, told CNBC on the same day, “There has been a great loss of trust in the Terra project as a whole. I don’t know,” he pointed out.
By Lee Tae-yoon, staff reporter [email protected]
