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Home News ALT Coins

Luna Rising Like A Phoenix With Luna 2.0 To Create A Better Project

CoinWist by CoinWist
May 26, 2022
in ALT Coins, Business, News
Reading Time: 3 mins read
Luna

Cover: CoinWist

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After the controversial collapse of the TerraUSD(UST) stable coin and its related coin Luna.

The project team was working on how to recover the down coin. This was a great project at the beginning as many investors invest million trusting these two stablecoins.

 However, without a clear answer, the project crashed creating massive havoc. Many investors lost everything. With all this destruction The Terraform Labs ecosystem team didn’t give up. They worked day and night with many revival plans.

With all the processes Terraform Labs has confirmed the launch of the new project “Luna 2.0 blockchain” which will be released on May 27.

Terra recently tweeted ” Terra governance Proposal No.1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) has officially passed!”

“This means the new LUNA 2.0 will launch in the next 2 days (27th May 2022)”

Terra governance Proposal No. 1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) has officially passed!

This means the new LUNA 2.0 will launch in the next 2 days (27th May 2022) pic.twitter.com/AGTgwe1vOC

— Terra Daily 🌖 (@TerraLUNADaily) May 25, 2022

So the new proposal to create a new blockchain ecosystem has received over 200 million yes votes. 1 Million was upset and they voted No to the proposal. 64 million abstained from voting. It means 65% said yes.

So now Terra said the applications that were hosted on the old Terra Blockchain migrate to the new one instead of having to rework their projects.

The world’s largest cryptocurrency exchange by volume Binance tweeted that they’re working closely with the Terra team on the recovery plan.

The Terra community just passed a vote to ‘Rebirth Terra Network’.

We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.

— Binance (@binance) May 25, 2022

So this will be a huge thing in the next few days. Now the main thing is Terra will try to re-build the trust among the investors. It’s not going to be easy. Many exchanges delisted Terra. 

New LUNA will be airdropped across Luna Classic stakers-holders, residual UST holders, and essential app developers of Terra Classic

Read the forum details here:https://t.co/doYb2RiKKg

— Terra Daily 🌖 (@TerraLUNADaily) May 25, 2022

Today morning  CEO of Terraform Labs contacted the top five south Korean exchanges Upbit, Bithumb, Korbit, Gopax, and Coinone asking them to relist the new Luna 2.0.

However, the environment is not good in South Korea as the investigations are still going through the government authorities.

The idea of the new project was first tweeted on May 18.

1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.

Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao

— Do Kwon 🌕 (@stablekwon) May 18, 2022

So today the plan was officially approved. Huobi announced that they will list LUNA 2.0

#Huobi supports the launch of #LUNA 2.0 on May 27

Are you ready for "LUNA Rebirth"?💙 https://t.co/Vn1FFwlc4y

— Huobi (@HuobiGlobal) May 25, 2022

Undoubtedly the market will be impacted by this new project. Some are positive about this and some are not. The famous dogecoin co-founder Shibetoshi Nakamoto tweeted the following,

luna 2.0 will show the world just how truly dumb crypto gamblers really are

— Shibetoshi Nakamoto (@BillyM2k) May 25, 2022

 Google trends show the interest in Luna 2.0 has increased in the past 24 hours.

Infographic: Global Interest in Keyword 'LUNA 2.0' on Google Search – https://t.co/f4kLptTCa6

— CoinWist (@CoinWist) May 26, 2022

 It seems like the public is interested in this matter but will the project will be able to gain the trust? Will it be a good project? Or will it go through the same fortune as its previous Terra blockchain project? Nobody knows, so before investing do your own research.

Tags: AltcoinCryptocurrencyLunaTerra
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