Recently the story went around that the Terra (LUNA) project is a so-called hard forki.e. a split of the blockchainwant to run to the cryptocurrency to save.
Terra meanwhile declares that it is not a hard fork, but the setting up of a new blockchain, called Terra 2.0.
1/ Recently, a few community members (including some from TFL) have referred to the proposed new blockchain in Prop 1623 as a “fork” as opposed to a genesis chain.
Note: The revival plan is not proposing a “fork” of the existing chain, but rather the creation of a new one 🧵.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 23, 2022
That means the new network will not have the same history as the old blockchain. The old network is now called Terra Classic. Also the name of the native token from Terra Classic is changed to Luna Classic (LUNC).
It also means that decentralized applications (dApps) will not automatically exist on the new network. These dApps then have to be transferred manually, but several projects, including Prism, Spectrum, Phoenix, Hex Trust, Stader Labs, Random Earth, and OnePlanet, have already indicated that they will migrate.
65.5% voted for Terra 2.0
The vote for Community Proposal 1623 has just been completed. According to data from Terra Station 83.3% cast a vote of which 65.5% were in favour.
A number of exchanges also support the proposal. For example, crypto exchange HitBTC already indicated that it will note the new LUNA token. However, there seems to be less confidence on social media in setting up a new blockchain.
Terra 2.0 will be without terraUSD (UST) by the way. Founder Do Kwon previously indicated that he thinks confidence in the stablecoins is too damaged. People are skeptical whether this does not apply to all of Terra.
New LUNA tokens will also receive a airdrop† These are distributed among Terra developers, Luna Classic holders and strikersand UST holders, the company reports.
The LUNA price saw a small rebound last weekend because of a token burn† However, Do Kwon advised against using LUNA (classic) tokens to destroy this way. Also today the price is 6% in the plus, although it is still 100% in the minus compared to two weeks ago.
Earlier it was read that the Dutch exchange Battle LUNA holders has compensated. Yesterday the exchange lit up a response to Crypto Insiders why it did this.
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