LUNA, UST Jump as Terra Revival Plan Moves Ahead After Vote
The price of the Terra network’s native LUNA token and the failed stablecoin terraUSD (UST) jumped in the market on Wednesday, after a revival plan for the network officially passed a vote, with 65% voting in favor of the plan. A new Terra blockchain is now expected to launch this Friday, May 27th.
As of Wednesday at 14:45 UTC, LUNA was up nearly 32% for the past 24 hours to a price of USD 0.000199. At the same time, UST – Terra’s failed algorithmic stablecoin – was up 61% over the same time period to USD 0.1067.
“Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community,” Terra’s Twitter account said after the vote had passed.
The plan to revive the embattled blockchain was conceived by Terra co-founder Do Kwon, with the key aspect being the creation of a new blockchain with a new governance token that will be distributed to users affected by the collapse of Terra and its terraUSD (UST) stablecoin.
The exact breakdown of for the distribution of the new LUNA token was also shared by Terra’s Twitter account today:
With the plan now getting the green light from a majority of network validators, the new Terra network is expected to launch Friday this week, according to the timeline on Do Kwon’s Terra revival plan.
The old chain will from then on be known as Terra Classic with its token Luna Classic (LUNC), while the new chain will simply be known as Terra with its governance token LUNA. The new Terra chain will be created without an algorithmic stablecoin, according to the official plan.
In the update today, Terra also said that it is working closely with exchanges, including Binance, Bybit “and many
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