Following the ongoing hard fork vote Luna’s rebirth Terra Luna 2.0 is expected to go live soon. Here’s what it looks like
Depending on how the Terra Luna vote turns out, a new token called Luna 2.0 is about to be released. But what is it?
Plan For Terra Luna 2.0
Do Kwon has made a plan for Luna to get back on its feet after the huge crypto crash. This is to help Luna get back on its feet. With this plan, a Luna fork will split the Terra blockchain that is already in place.
So, since Do Kwon’s plan to bring Luna back to life has the support of 80% of validators, let’s take a look at what Luna 2.0 is all about.
Terra Blockchain New Token
Luna 2.0 will be the first token on the new Terra blockchain. Its purpose is to save the Terra Luna ecosystem after the stablecoin failed.
Do Kwon, the founder of TerraForm Labs, has a plan to replace the Terra network with a new chain. He calls it the “Luna rebirth.”
Along with this, the current version of Luna will be replaced by Luna 2.0. It will cut ties with the UST stablecoin, which was the cause of the crash.
But the old chain and Luna won’t just go away. They will both still be around. Terra Classic will be the name for the old chain, and Luna Classic will keep the Luna chain going.
Luna Classic Release Date
If the current vote goes through, Luna 2.0 will go live on May 27. This is the same day as the new Terra chain’s genesis block.
But these dates are not yet set in stone. Once the plan to bring the game back to life is approved, the new chain will have to be made quickly before the game’s release.
On this date, the Luna coin will also officially change its name to Luna Classic.
Terra 2.0 Is Still In Preliminary Vote
A few days ago, Do Kwon of Luna suggested splitting the Terra chain to make a new cryptocurrency called Terra Luna Classic (LUNC). But voters rejected this idea.
More than 90% of those who voted said that the extra Luna should be burned instead of a fork being put to death. It looks like the con artist is using rumours about a Luna fork to get people to send them money.