Terra 2.0 New Chain Launched Today
Evening
So, today Terra new chain Terra 2.0 went live with aim to revive the Terra ecosystem. The new Terra 2.0 involves hardforking the classic Terra blockchain and airdroping new Terra tokens to those who held Luna before the whole blockchain went into the death spiral.
As per Terraform Labs, Phoenix-1(Terra 2.0) went live today and started producing blocks at 06:00 UTC 28th May, followed by a new token airdrop also named Luna.
Terra ecosystem suffered a stunning collapse earlier this month. Blockchain's native token UST started depegging at 8 May putting extreme pressure on Luna token. Eventually this sent the Luna into a death spiral with price falling to virtually zero, erasing $40 billion dollars worth investor's money and sent hovac across the whole crypto space.
So in a bid to salvage the remains of Terra ecosystem, Terra founder Do Kwon made a proposal on May 16 to preserve the Terra legacy by launching a hardfork and airdroping new tokens to the Terra investors. Do Kwon finally got approved as many major validators signaled their support and here we are with a new Terra blockchain.
The new chain was also accompanied new Luna token airdrop. Out of the 1 billion new Luna tokens 70% will be airdropped intermittently to the Luna, UST and aUST holders before the collapse started. Several exchanges have also stepped up to support the airdrop and legacy chain is called now Terra Classic and tokens dubbed as Luna Classic(LUNC) and UST Classic. New Luna token are airdropped in Terra Station wallets and with also support for inter‐blockchain communication protocol (IBC) users.
New Luna token started out with a price of $17.8 as per data from Coinmarketcap. But as expected, its price plummeted down sharply as many airdropped investors rushed to dump it and recover some of their losses. As of now Luna is trading at $4.71.
The launch of new blockchain is an audacious move by Do Kwon who may face criminal charges for running a Ponzi scheme. It would be foolish to expect something extraordinary from this new Terra chain. Terra ecosystem my survive via this new chain but the growth might not be as prolific as were on Terra Classic. It might take forever for Terra to regain investors confidence.
Posted Using LeoFinance Beta
https://twitter.com/LeoAlpha2021/status/1530707752548708352
The rewards earned on this comment will go directly to the people(@leoalpha) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
I dont really have much hope for luna.
!CTP
!PIZZA
PIZZA Holders sent $PIZZA tips in this post's comments:
@namelessnameless(2/15) tipped @xabi (x1)
Join us in Discord!
New Chain after fail... .. airdropping , minting new tokens and get rich again for developers.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
I don't see much of a future for the new EARTH, plus some applications are considering migrating, such as Loop Market. Its ecosystem has had a big shock. Recovery will either be very hard or it will never happen. Sorry, I simply reported my opinion with sincerity.
I don't believe this will be successful, luna has already turn to a joke
Posted Using LeoFinance Beta
I couldn't agree more with you!
Yeah
Posted using LeoFinance Mobile
Time will tell how this works out, but i don't want to hold luna 1 , 2 or 3!
Posted Using LeoFinance Beta
A scheme to cover up a scheme gone bad, hope the ecosystem survives but Terra 2.0 is not the solution
Thanks for the info. I am not jumping on board yet.