A New Terra Network Is Coming With Support From Major Exchanges – The Terra blockchain team just announced that the community voted and approved a proposal to establish a newer genesis version of the Terra blockchain without an algorithmic stablecoin.
To prepare for the new network, the governance proposal known as “Terra Ecosystem Revival Plan 2” has been revised, and the final version of the new Terra Core codebase has been issued.
On May 27, a new blockchain based on the Terra blockchain network will be launched, however it will not feature an algorithmic stablecoin like terrausd (UST). “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).”
The Terra team announced the launch date of May 27 and stated that the governance proposal had been approved on May 25. The latest Terra Core code has been released, according to the developers, and the codebase has been inspected by SCV Security.
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The governance decision also outlines the new LUNA token distribution, that includes 30% for the community pool, 35% for pre-attack LUNA holders, 10% for pre-attack aUST holders, post-attack LUNA holders will get 10% and post-attack UST holders are eligible for 15% of the supply.
In addition, the Terraform Labs wallet, the Luna Foundation Guard’s wallet, and the community pool distribution module account would be withdrawn from the LUNA airdrop, according to the Terra team.
According to the Terra team’s Twitter account:
“Terra will become a fully community-owned chain once these wallets are removed from the airdrop whitelist. This, we believe, is a critical step toward enabling our ecosystem.”
The Terra blockchain network, as well as the project’s face, Do Kwon, have sparked a lot of controversy. A LUNA investor who lost $2.4 million was recently detained after going to Kwon’s house and knocking on his door. Then there’s “@fatmanterra (Fatman),” a Twitter account that claims a class action lawsuit is being planned to get compensation for LUNA and UST victims.
The Terra team does not appear to be worried by the project’s controversy or the barrage of accusations on social media. However, several rumors about Kwon’s and the Terra development team’s decisions have been circulating on social media. Kwon has been answering questions on the new Terra chain, eligibility, and the LUNA tokens that were airdropped.
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A New Terra Network Is Coming With Support From Major Exchanges – The Terra team explains that it is collaborating with centralized exchange partners such as Bybit and Binance to assist LUNA holders who have left funds on exchanges. Huobi Global has announced that it will support the new LUNA blockchain. Binance also tweeted on the new Terra network’s rebirth.
Binance stated: “The Terra community just passed a vote to ‘Rebirth Terra Network.'” “We’re working closely with the Terra team on the recovery process, with the goal of providing the best possible treatment to impacted Binance users.”
