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Luna version two coming soon

The plan to revive Terra and develop a new Luna token has been approved by this community and is expected to be converted from May 27.

Voting on the proposal to revive Terra Network has just ended on May 25 with more than 305 million votes. Of which, 65% of the votes were in favor, 13% vetoed. By convention, if the number of favors exceeds 50% and the veto is less than 33.4%, the proposal will be approved.

On the project’s Twitter page, Terra announced: “Terra 2.0 coming soon”. The release time of this new series is 5/27.

Voting results for Terra 2.0.

Voting results for Terra 2.0.

According to the plan approved by the CEO Do Kwon launched, the project will create a new Terra chain that does not have an algorithmic stablecoin like the previous UST. The new chain is named Terra with the Luna token, while the old chain will be changed to Terra Classic with the Luna Classic (Lunc) token.

According to the developers, the initial supply of Luna will be 116.7 million, after a year increasing to 182 million, instead of billions as previously planned. The new Luna token will be distributed free of charge (airdrop) to old Luna token holders, UST and app developers of the Terra Classic ecosystem.

The amount of distribution depends on the number of old tokens as well as the ownership period before or after the crash. For example, Luna token holders from before the crash will get 35% of Luna’s total, while later holders will get 10%. These tokens will be partially paid in advance, the rest will be paid in 2-4 years.

Currently, three major exchanges including Binance, Hubi, and Bybit have confirmed support for the new Luna. Some sources said that the founder of Terra Do Kwon contacted major exchanges in Korea to list, but Kwon later denied.

Controversial revival proposal

Although Terra announced the revival of Terra 2 thanks to the “massive support” of the community, many current Luna owners disagree with the plan. The results of more than 65% agree in fact come from the “whales” holding large amounts of tokens, benefiting from the revival of Luna. While the majority of players, who are retail investors, are against.

Some blockchain project founders like CZ of Binance exchange, Vitalik Buterin also opposed Do Kwon’s plan to revive Luna.

In a user survey conducted on the Terra forum with more than 7.3 thousand participants, 91% voted against the plan, largely due to the lack of trust in the founder.

“Investors’ lives are in turmoil. He has taken everything from me and many people I know. I will never back anything from him again,” said an investor named Matt21621. commented, said that he lost a million USD because of his previous purchase of UST.

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