As Cryptory.net reported, Terra’s LUNA fork proposal was approved with 65.5% votes. One of the key differences between the new Terra Luna chain and its old version is that the team will not create an algorithmically stablecoin in order to prove that Terra’s ecosystem is “more than just UST”.
The new chain was originally scheduled to restart on May 27 but it was later pushed back one day and will launch around 06:00 a.m. UTC on May 28.
“The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC”, according to Terra’s Twitter post.
Many Dapps from the original Terra chain have committed to migrating to the new chain. However, the exact launch time of each project may be different and will be announced separately by the respective teams, Terra said. When the new chain launches, the old chain will be called Terra Classic, with its native token called Luna Classic (LUNC).
Besides, the airdrop of new LUNA tokens will occur at the same time. According to a post on Medium, eligible holders of LUNC (Luna Classic), USTC (UST Classic) and aUST will receive the LUNA airdrop on the new chain at the start.
Binance, Huobi, Crypto.com, and ByBit are among the crypto exchanges that support Terra Luna 2.0. Many exchanges continue to announce that Luna 2.0 will be supported as the genesis block approaches. While most crypto exchanges offer support for the Luna 2.0 airdrop, Coinbase still says no to Luna 2.0. This US company previously announced the suspension of UST and WLUNA trading starting Friday, May 27, 2022. Coinbase Cloud, the infrastructure arm of Coinbase, also announced on May 20 the suspension of support for Terra and all future Terra chains.
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