Terra’s development team has announced that LUNA 2.0 will be launched soon.
After the Terra ecosystem collapsed, the development team worked a lot to revitalize the ecosystem. The development team announced that they would officially launch a new blockchain called LUNA 2.0.
“Terra Governance Proposal No. 1623 to rename the existing Terra Classic network (LUNC) and reincarnate a new Terra blockchain (LUNA) has been officially adopted!”
This means that LUNA 2.0 will officially launch on May 27, 2022. It is worth noting that the proposal to change the name and create a new blockchain has received more than 200 million “Yes” votes and 1 million “No” votes. Currently, applications hosted on the old Terra blockchain are being migrated to the new blockchain instead of reworking new projects.
Binance announced that it is working with Terra on a recovery plan. In addition, they intend to make it available to affected users on Binance.
What else the recovery plan entails
Millions of LUNA tokens would be distributed to supporters per the recovery plan. The value of the same is expected to rise once people adopt the new blockchain. Essentially, the vote was open to LUNA HODLers, and one token was equal to one vote.
The vote about whether or not to fork the blockchain was initially proposed by Do Kwon on May 18. Per the same, LUNA would be the only currency used by applications and projects based on the new blockchain.
Also, per the proposal, the old blockchain—rechristened Terra Classic— would still exist and host UST. However, the applications built on the old blockchain and the organizations validating the transactions would plausibly move to the new blockchain.
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