A new Terra Luna token dubbed Luna 2.0 is set to launch pending the outcome of the ongoing Terra Luna vote, but what exactly is it?
As Luna seeks to pick itself up following the massive Luna crypto crash, a Luna recovery plan has been put in place by Do Kwon. This plan will see the existing Terra blockchain separate through a Luna fork.
So, as Do Kwon’s revival proposal looks more likely to pass, with 66% of validators in favour, let’s take a look at what Luna 2.0 is about.
Luna 2.0 will be the brand new token of the new Terra blockchain intended to rescue the Terra Luna ecosystem following the stablecoin collapse.
Dubbed the Luna rebirth, TerraForm Labs founder Do Kwon’s proposal will see a new chain replace the existing Terra network. Alongside this, Luna 2.0 will replace the existing version of Luna. It will sever ties to the UST stablecoin that saw the crash happen in the first place.
However, the old chain – and old Luna – won’t just disappear, they will co-exist. The old chain will be known as Terra Classic, while Luna Classic will also see the existing Luna continue.
If the ongoing vote passes, Luna 2.0 will go live on May 27 – the same day as the genesis block for the new Terra chain.
However, these dates are not yet guaranteed. Once the revival plan passes, developers will need to create the new chain in a quick turnaround ahead of launch.
This date will also mark the official renaming of the existing Luna coin into Luna Classic.
At launch, all eyes will be on the Luna 2.0 price. While the new coin will mark a reset for the network, holders and those in the cryptocurrency community won’t forget the collapse of Luna Classic any time soon.