Following the victory of the Terra Luna vote, a new Terra Luna token named Luna 2.0 is poised to emerge; however, what precisely is it?
Does Kwon put a Luna recovery strategy in place as the cryptocurrency recovers from the massive Luna coin meltdown? The present Terra blockchain will be separated into Terra 2.0 under this strategy.
So, as the number of Luna 2.0 crypto exchanges expands, let’s look at what Luna 2.0 is all about.
What Is Luna 2.0?
Luna 2.0 will be the fresh new token of the future Terra blockchain, designed to save the Terra Luna ecosystem after the collapse of the stable coin.
TerraForm Labs CEO Do Kwon’s idea, dubbed the Luna rebirth, will see a new chain overtake the present Terra network. Luna 2.0 will also replace the current version of Luna. It will cut links with the UST stable coin that caused the crash in the first place.
Most dApps will move to the new chain with the new chain. Like the old Luna, the old chain will not just vanish; they will coexist. The previous chain will be renamed Terra Classic, and the present Luna will be continued.
Luna 2.0 will be released tomorrow
After the vote, Luna 2.0 will go live on May 28 – the same day as the Terra chain’s genesis block. According to Terra, the launch of Luna 2.0 is planned to take place at roughly 6 AM UTC (2 AM ET, 11 PM PT).
Terra has pushed back the debut date by one day, initially scheduled for May 27. Snapshots for currency airdropping occurred in Terra Classic block 7790000.
At launch, all eyes will be on the pricing of the Luna 2.0. While the new coin will represent a fresh beginning for the network, holders and the cryptocurrency community will never forget the demise of Luna Classic.
