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StartVirtual RealityTerra neighborhood passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion –...

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


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.

At this time, Terra’s plan has handed and been accepted by the neighborhood.

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

The proposal will successfully create a brand new layer-1 Terra blockchain with out its algorithmic stablecoin. The previous blockchain will probably be known as Terra Traditional (LUNC) and the brand new blockchain will probably be known as Terra (LUNA), the corporate tweeted. The Luna token is new and shouldn’t be confused with the previous one beneath the identical actual identify (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, in response to information from Terra Station. The votes are solid primarily based on LUNA token possession, with one vote per token, not per person.

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

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

In keeping with the plan, the tokens will probably be distributed as follows:

  • 30% to its neighborhood 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 Basis Guard is not going to 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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