Terra Luna (pixabay photo)
In a vote held this week among the blockchain community of blockchain terra, it was decided by an overwhelming majority to bring the project back to life in a new format. The proposal was submitted by Terraform Labs CEO Doong Kwon. At first he proposed splitting Terra’s blockchain network in two, but later amended his proposal to completely abandon the existing network and establish a new blockchain network, where coins would be created and awarded. To previous coin holders in the amount they held.
The new network will adopt the name of the previous network and its cryptocurrency, Terra (LUNA), while the old network will change its name to Terra Classic, and will be abandoned to independent management of the users who will remain in it, when its currency becomes LUNC (short for LUNA Classic ). The TerraUSD dollar-denominated currency, or UST for short, will be completely eliminated in the new network.
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The network held 306 million votes, with an absolute majority – 65.5% – supporting the proposal. 13.53% opposed, with 13.2% of them having a veto – but the minimum threshold for activating the veto was 33.4%. 21% abstained.
As you may recall, in the second week of May, the value of the Tara and Tara-dollar plunged sharply, after the Tara-dollar, which was the main currency in the project’s blockchain, lost its dollar linkage, causing a chain of events that mimicked tens of billions of dollars from the value of the two currencies. A total of about $ 40 billion of currency value was written off in this collapse, with another 40 billion from the peak being gradually erased in recent weeks, even before this sharp fall. As a result of the affair, lawsuits and criminal complaints have been filed in Korea against Kwon.
Meanwhile, Tara is trading at a quarter to eight tonight (Wednesday) at a price of less than 2 hundred cents, with a total market value of $ 1.2 billion, while the Tara-dollar is trading at a price of less than 9 cents and a total market value of less than $ 1 billion. This is after both recorded today increases of about 20%.
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