Terra 2.0, the new version of Terra, will launch tomorrow, Saturday, May 28. The community voted to move forward with a proposal that will destroy more than 1 billion UST, in an attempt to rebind the stablecoin. Meanwhile, Terra 2.0 is expected to launch tomorrow, Saturday.
Terra’s planned revival that will see the birth of a new version of the now beleaguered blockchain has been delayed by a day due to undisclosed reasons. This was reported by the Terra team this Friday in a tweet.
The new version of Terra will be called LUNA, while the old one will be renamed LUNA Classic (LUNC).
The launch of Terra 2.0 and its subsequent LUNA airdrop, was expected for this Friday, May 27. The plans would go live after the community approved the network’s reactivation plan in a government vote that ended Wednesday. However, the timeline for these plans has now changed slightly.
According to sources close to the matter, they say that Terra’s block explorer is currently down but will resume shortly as they work on updating it before launch on May 28th as previously planned.
The new version of Terra will be called LUNA, while the old one will be renamed LUNA Classic (LUNC).
The new network will launch on May 28th with an airdrop of 1.3 billion UST tokens to all LUNC holders.
Many digital asset trading platforms have announced their support for the launch of the new network and airdrop, in response to investor expectations. Following the collapse of the ecosystem, which saw LUNC drop from USD $80 to zero in a matter of a few days, a large number of users recorded losses in the millions. Several major centralized exchanges, including Binance, FTX, Kraken, Huobi, and KuCoin have announced their support for Terra 2.0 and its new token.
1.3 billion to burn
Terra 2.0 is moving forward with plans to burn more than one billion USTs, or approximately 11% of the existing supply of 11.2 billion USTs.
On Thursday afternoon, a governance proposal to burn more than one billion USTs passed after gaining the approval of more than 99% of voters.
Specifically, it is proposal 1747 which calls for the destruction of USTs held in the project’s community pool and USTs deployed for previous liquidity incentives in Ethereum.
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