Terra backers vote to revive luna — but not UST — after $60 billion crypto collapse.Backers of Terra have approved a plan to revive the failed cryptocurrency venture — without the controversial stablecoin that helped trigger its stunning demise two weeks ago.
“With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community,” Terra’s official Twitter account posted Wednesday.
The proposal will effectively create a new layer-1 Terra blockchain without its algorithmic stablecoin. The old blockchain will be called Terra Classic (LUNC) and the new blockchain will be called Terra (LUNA), the company tweeted. The Luna token is
new and should not be confused with the old one under the same exact name.
Plan will be rolled out on May 27.
Per the terms of the proposal, Terra will airdrop tokens to community members who never sold their old LUNA tokens or UST stablecoins amid the ecosystem’s downfall.*Source
