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Highlights
- Supporters of disgraced token Terra Luna have voted to approve a plan for a new blockchain for its luna cryptocurrency, without reviving the failed LUNA’s sister stablecoin terraUSD.
- While the older collapsed chain will now be known as "Terra Classic" and its token renamed "Luna Classic", the new chain – which will be community owned - will now continue with the name "Terra", while its native token will take on the name "Luna”.
- Bitcoin dropped 2.2 per cent to sit slightly above US$29,000 and in the process, once more dipping below the US$30k mark.
Supporters of disgraced token Terra Luna have voted to approve a plan for a new blockchain for its luna cryptocurrency, without reviving the failed LUNA’s sister stablecoin terraUSD.
The plan, put forth by embattled CEO and founder Do Kwon, has called for a hard fork of the existing Terra blockchain.
While the older collapsed chain will now be known as "Terra Classic" and its token renamed "Luna Classic", the new chain – which will be community owned - will now continue with the name "Terra", while its native token will take on the name "Luna”.
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The project took to Twitter yesterday to say Terra ecosystem received “overwhelming support” in a vote to pass Proposal 1623.
The move, being touted as Terra 2.0 will call for the creation of a new blockchain. The crypto project added that the genesis of Terra 2.0 would go a long way to preserve the Terra community.
Terra investors were left shattered earlier this month when stablecoin TerraUSD, depegged from its dollar value due to a glitch in the algorithm designed to ensure the pegging of USD to the dollar. Subsequently, sister token LUNA lost nearly its entire value overnight, leaving its investors with millions of dollars in losses.
Market News
Bitcoin dropped slightly from yesterday, losing 2.2 per cent to sit slightly above US$29,000 and in the process, once more dipping below US$30k mark.
Meanwhile, Ethereum took a big dive overnight dropping ten per cent from yesterday to US$1,759 – its lowest since March 2021.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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