The proposal by Terra creator Do Kwon to build a new Terra blockchain was supported by more than 65 percent of the voting.
The testnet is now operational, and the mainnet is scheduled to go live on Friday. Holders of old Luna tokens will receive prorated amounts of new LUNA 2.0 tokens via airdrops.
The new channel, according to the plan, will be entirely community-owned, while TerraForm Lab’s wallet will be excluded from the airdrop.
Terra is the new network, whereas Terra Classic is the old one. A stablecoin like UST/USD (UST) should no longer exist, despite the fact that it was the latter that gave the platform its luster. As a result, we must ponder if the previous success story can be revived.
Do Kwon has already contacted the top five South Korean cryptocurrency exchanges to discuss selling the new token, according to Heraldcrop. But he ignored Coinone, Cobit, Bithumb, and Gopay. At the time, only Upbit can envision a cooperation.
For the other four, it’s too hot a topic, as embezzlement and embezzlement investigations against Do Kwon and TerraForm Lab have already been initiated in South Korea.