Following Terra’s $40 billion ecosystem collapse, Do Kwon, Terraform Labs co-founder and CEO, proposed to launch a new blockchain. Although initially met with negative responses, Do Kwon proposed that the project be launched.

Launch Date Announced for Terra’s “Rebirth”

Terra 2.0 is the Terra proposal that would create a new chain has been accepted. Terra proposal 1,623 was approved by more than 200 million voters. 65.5% of the voters approved the creation of a new chain, 20.98% abstained from voting, while 13.2% used the “no with veto”.

Terra 2.0 will create Terra Classic. The current chain will crash to zero when Terra 2.0 is made. It will not include the algorithmic stabilitycoin that caused the collapse of Terra’s ecosystem.

Terra announced Friday, May 27, Terra 2.0 will be live on the mainnet. LUNA2.0 tokens will become available for trading and will be distributed to all existing stakeholders.

Terra LUNA 2.0 receives support from Major Exchanges

Major exchanges showed positive sentiment about LUNA2.0 ahead of launch. Bitrue and Binance will help with the May 27th airdrop, where new LUNA tokens are expected to be released.

To The Flipside

• South Korean prosecutor are currently investigatingDo Kwon is a strong supporter of Anchor Protocol. This is allegedly a Ponzi Scheme.

• South Korean Exchange Korbit will Delist LUNA

Why you should care

Kwon is determined to revive Terra’s ecosystem and end community backlash, despite the difficulties.

You can also read:

Terra Switched Off Indefinitely, LUNA & UST Barely Alive, and

TerraUST loses its peg once more

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