New Terra Network Comes with Support from Major Exchanges, Holders of LUNA and UST Eligible for Airdropped Tokens – Bitcoin News

According to a recent announcement from the Terra Blockchain team, the community voted and approved a proposal that plans to launch a new version of the Terra blockchain without a stable algorithm. The governance proposal called “Terra Ecosystem Revival Plan 2” has been revised and the final version of the new Terra Core database has been released to prepare for the new network.

The revival of the Terra ecosystem will happen on May 27, the latest version of Terra Core has been released and reviewed

On May 27, a new blockchain based on the Terra blockchain network but not including an arithmetic stablecoin such as terrausd (UST) will be launched. The old string symbol will be called “Luna Classic (LUNC)” and the new one will take the old name “Luna (LUNA)”. Terra . team announce Launching May 27 He explained that the governance proposal was passed on May 25. According to the team, the latest Terra Core code has been released and the code base has been audited by SCV Security.

The governance decision details the distribution of the new LUNA token which includes 30% to the community pool, 35% to LUNA holders before the attack, 10% to aUST holders before the attack, LUNA holders after the attack will receive 10% and after the attack ground tank holders will be entitled to 15% of supply. In addition to the Terra . team Referred That the Terraform Labs wallet, Luna Foundation Guard wallet, and Community Pool Distribution Unit account will be removed from LUNA airdrops.

Terra Team Twitter thread adds:

Removing these wallets from the airdrop whitelist will make Terra a wholly owned community chain. We believe this is an important step to empower our ecosystem.

Controversy, class action lawsuit, and mirror protocol accusations

There has been a lot of controversy surrounding the Terra blockchain network and the face of the Do Kwon project. Recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s house and knocking on his door. Then there is a Twitter account called “fatmanterra (fatman)who said a class action lawsuit is being planned for compensation for the LUNA and UST victims class.

It would be free to join the measure, Fatman said, and the team is researching in jurisdictions such as Singapore where investment protection is more lenient. fat man She said:

I am pleased to announce that three law firms have offered to commit more than $15 million (possibly more) to this historic fight for justice – they are looking to fund the case and will collect the fees on an emergency basis. This couldn’t have happened without all of you.

But that’s not all Fatman was doing, as a Twitter account posted accusations about certain Terra projects and partners. in one specific topic Fatman’s social media account wrote that Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how the Mirror Protocol’s management system has been manipulated.

Binance, Bybit, and Huobi Plan Central Exchanges to Support New LUNA Token

Terra’s team doesn’t seem to be bothered by the controversy surrounding the project and the spate of accusations on social media. Furthermore it, So many rumors They navigate social media regarding the decisions of Kwon and the Terra development team. It was Kwon respond to A question distance A question About the new Terra series, eligibility, and airdropped LUNA tokens.

Terra . team details It works closely with central exchange partners such as Bybit and Binance in order to support LUNA holders who left funds on exchanges. Huobi Global has revealed that it will do just that the support The new LUNA series. Binance also tweeted about the birth of the new Terra network as well.

“The Terra community has just passed a vote for ‘Rebirth Terra Network’, Binance She said. “We are working closely with the Terra team on the recovery plan, aiming to provide affected users on Binance with the best possible treatment. Stay tuned for more updates.”

What do you think of the new Terra blockchain project? What do you think of the controversy surrounding the Terra ecosystem? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.