Terra community passes proposal to revive LUNA cryptocurrency following stablecoin-led implosion – TechCrunch
Nine days ago, 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.
Today, Terra’s plan has passed and been approved by the community.
“Terra 2.0 is coming,” Terra’s official Twitter account tweeted on Wednesday. “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.”
The proposal will effectively create a new layer-1 Terra blockchain without its algorithmic stablecoin. The old blockchain will be called Terra Classic (LUNC) and the new blockchain will be called Terra (LUNA), the company tweeted. The Luna token is new and should not be ...