Do Kwon, the chief executive officer of TerraForm Labs, proposed replacing the current Terra network with a new blockchain, LUNA 2.0, which is planned to launch on May 27, 2022, after the Terra Luna and the entire Terra ecosystem collapsed, wiping out billions of dollars in investor funds.
Terra investors would receive a certain number of Terra LUNA tokens as part of Kwon’s recovery plan. It is expected that as more individuals adopt the new blockchain, its value will rise.
Terra USD would be hosted on the old Terra Classic blockchain network, which would continue to operate. Companies that confirm transactions, as well as projects developed on the previous blockchain, will transition to the new blockchain. As a result, LUNA2.0 will be the only cryptocurrency supported by the new blockchain’s applications and projects.
Huobi, Binance, Upbit, and FTX Support The Terra Revival
Surprisingly, several major exchanges have stated that LUNA 2.0 will be launched on their platforms.
Huobi, a cryptocurrency exchange, has declared that once LUNA 2.0 is ready, it will list it to support Terraform Labs’ recovery strategy following the collapse of TerraUSD and the token Terra (LUNA). Huobi announced the proposal on Twitter on May 25, joining a number of other cryptocurrency exchanges who have already expressed interest in restarting the Terra network.
Binance previously suspended trades after validators paused the blockchain, making trades impossible, but following Terra’s announcement, said in a tweet, “The Terra community just passed a vote to ‘Rebirth Terra Network.’ 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.”
Upbit, the largest exchange in South Korea, also recently announced it supports the LUNA2 airdrop to holders who own LUNC in Upbit. It added that supporting airdrops DOES NOT mean supporting LUNA2 transactions, however. In addition, FTX also announced that it will support new LUNA airdrop and suspend LUNA and UST markets and Gate io has also expressed its support for Terra 2.0 LUNA Migration and Airdrop. Previously, HitBTC announced on twitter that it supports the LUNA resurrection.
Despite the fact that the Terra coin collapse resulted in large losses for investors, LUNA 2.0 has sparked a lot of interest. According to online reports, interest in the keyword ‘LUNA 2.0’ on Google Search has risen from an average popularity score of 8 on May 1 to 100 on May 15.
However not everyone has the same confidence in LUNA Revival, as Dogecoin co-founder Billy Markus said in a recent tweet, Luna2.0 will show the world how “truly dumb crypto gamblers are.” Binance CEO Changpeng Zhao also had similar thoughts, who said, “this won’t work.”