Terra 2.0 network will be launched on Friday

After the epic collapse of the Terra cryptocurrency due to problems with the algorithmic stablecoin UST, the digital asset community decided to launch a new network. All investors will receive a new LUNA token.

Voting for the revival of the Terra cryptocurrency ecosystem took place today. About 65.5% of respondents voted for the launch of a new blockchain. Only 13.2% of the vote was against, with a veto threshold of 20.2%.

According to the plan, 70% of the new tokens will be received by all owners of the old LUNA, UST and aUST. Developers will receive another 10%.

The head of Terraform Labs became the author of the Terra rescue plan. According to his idea, the new Terra cryptocurrency will not be tied to an algorithmic stablecoin in order to avoid a repetition of the situation that happened in mid-May. The previous network will be renamed. It will be called Terra Classic.

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