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Proposal to rebirth Terra 2.0 passes as 65% vote ‘yes’

After the de-peg fiasco, the Terra team has been working nonstop to restore the ecosystem.
After the de-peg fiasco, the Terra team has been working nonstop to restore the ecosystem. In the most recent development, the team announced that they will be launching a new blockchain called LUNA 2.0.

Per one of the official updates, “Terra governance Proposal No. 1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) has officially passed!”.

This means that the new LUNA 2.0 will be available in two days, on May 27, 2022. Over 200 million people voted yes on the proposal to rename and create a new blockchain. 1 million of them voted against the proposal, while 64 million remained undecided.

This fork will allow applications that were previously hosted on the Terra blockchain to migrate to the new one without having to rework their projects.

Stalwarts from the space have already been extending their helping hand to aid the revival of the project. In one of the recent announcements, the world’s largest exchange by volume, Binance, proclaimed that they’re working in conjunction with the Terra ream on the recovery plan. They further intend to provide impacted users on Binance with the “best possible treatment.”

Millions of LUNA tokens would be distributed to supporters as part of the recovery plan. Once people adopt the new blockchain, the value of the same is expected to rise. The vote was basically open to all LUNA HODLers, and one token equaled one vote.

On May 18, Do Kwon proposed a vote on whether or not to fork the blockchain. LUNA would be the only currency that applications and projects based on the new blockchain could use.

The old blockchain, renamed Terra Classic, would also continue to exist and host UST, according to the proposal. The applications built on the old blockchain, as well as the organizations that validate transactions, are likely to migrate to the new blockchain.

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