Home Cryptocurrency News Terra group passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion – TechCrunch

Terra group passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion – TechCrunch

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9 days in the past, Terraform Labs founder Do Kwon shared a plan to revive the Terra Ecosystem after its stablecoin UST and cryptocurrency LUNA nosedived earlier this month, bringing down the crypto markets with them.

Immediately, Terra’s plan has handed and been accredited by the group.

“Terra 2.0 is coming,” Terra’s official Twitter account tweeted on Wednesday. “With overwhelming assist, the Terra ecosystem has voted to move Proposal 1623, calling for the genesis of a brand new blockchain and the preservation of our group.”

The proposal will successfully create a brand new layer-1 Terra blockchain with out its algorithmic stablecoin. The outdated blockchain might be referred to as Terra Traditional (LUNC) and the brand new blockchain might be referred to as Terra (LUNA), the corporate tweeted. The Luna token is new and shouldn’t be confused with the outdated one underneath the identical precise title (complicated, I do know.)

The proposal had 65%, or about 200 million votes, in favor of the plan, whereas about 21%, or 54 million, abstained, and about 13%, or 41 million, voted no, based on data from Terra Station. The votes are solid based mostly on LUNA token possession, with one vote per token, not per person.

On condition that it has handed its threshold, the relaunch plan might be rolled out on Could 27.

Per the phrases of the proposal, Terra will airdrop tokens to group members who by no means bought their outdated LUNA tokens or UST stablecoins amid the ecosystem’s downfall.

In response to the plan, the tokens might be distributed as follows:

  • 30% to its group pool.
  • 35% to pre-attack LUNA holders.
  • 10% to pre-attack UST holders.
  • 10% to post-attack LUNA holders.
  • 15% to post-attack UST holders.

The wallets tied to Terraform Labs and Luna Foundation Guard won’t be part of the airdrop whitelist, Terra wrote.

“[This} will make Terra a fully community-owned chain,” Terra said. “We believe this is an important step to empowering our ecosystem.”

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