After shaking the cryptocurrency market to its core, the developers of the Terra (CRYPTO: LUNA) blockchain are set to launch the LUNA 2.0 token on Friday.
What Happened: The new token will be launched on May 27, according to a tweet from crytpo exchange HitBTC.
Dear Traders,@terra_money’s new chain token (LUNA) will be available on HitBTC on May 27th, 2022.
— HitBTC (@hitbtc) May 25, 2022
The old chain will be renamed to Terra Classic (LUNC).
Learn more: https://t.co/MuYPUfcMjJ
Stay tuned for updates. pic.twitter.com/shYIWtPuN6
In another exchange, Huobi also confirmed the news and plans to list the new token.
#Huobi supports the launch of #LUNA 2.0 on May 27
— Huobi (@HuobiGlobal) May 25, 2022
Are you ready for "LUNA Rebirth"?💙 https://t.co/Vn1FFwlc4y
Do Kwon, the founder of Luna, introduced his "Terra Ecosystem Restoration Plan" earlier this month, which would involve airdropping the new tokens to holders of the original Luna tokens, leading to the development of a new blockchain.
The response to the news was met with skepticism following the colossal implosion of the Luna token beginning on May 9. The crypto lost 99% of its value in just 48 hours.
The drop was triggered when the blockchain’s stablecoin TerraUSD (CRYPTO: UST) became unpegged from the dollar, causing a free-fall in the related price of Luna.
Also Read: Do Kwon Shares Terra (LUNA) Burn Address But Also Says Sending Tokens There Isn't A Good Idea
What’s Ahead: The proposal to relaunch the Terra blockchain and create the LUNA 2.0 token has been approved by on-chain voters. The results saw 65.5% of the community supporting the plan, while 13.2% opposed the fork vote.
Meanwhile, Binance, the world’s biggest crypto exchange, says it's coordinating efforts with Terra developers on the launch of the new token.
The Terra community just passed a vote to ‘Rebirth Terra Network'.
— Binance (@binance) May 25, 2022
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
Further Repercussions: As Kwon attempts to put Terra’s $40 billion loss for investors in the rearview mirror, there may still be further consequences for the incident.
The Seoul Metropolitan Police are looking to freeze the Luna Foundation Guard’s (LFG) company funds in order to prohibit them from withdrawing any funds.
There have also been a number of conspiracy theories and rumors circulating about Terraform Labs and Kwon following the crypto’s crash. This includes a resurfaced video of Kwon discussing a kill switch, which would enable Terraform Labs to burn all assets and cut all ties within 24 hours.
