After a multibillion-dollar disaster, Luna is back

After a multibillion-dollar disaster, Luna is back ...

Luna is constructing like the Phoenix.

Luna 2.0, a new Terra Luna token, will be released on May 27, amid the ashes of the dramatic crash that pushed the cryptocurrency market to its feet.

''''Terra 2.0 is Coming''''

Do Kwon, the founder of TerraForm Labs, proposed a new chain to replace the existing Terra network, while Luna 2.0 would replace the existing Luna version, which will be renamed Luna Classic.

Do Kwon, the co-founder of DoKwon, has been approved by a majority of voters for his desire to revitalize the devastated ecosystem.

"Terra 2.0 is coming," the company said. "With overwhelming support, the Terra ecosystem has voted to adopt Proposal 1623, calling for the creation of a new blockchain and the preservation of our community."

About 200 million votes were cast in favor of the plan, which ended up representing about 65% of the vote. 41 million people voted "no," and 54 million were abstained.

The new Luna will be given to Terra Classic''s existing owners.

''''A New Terra Chain''''

TerraUSD, or UST, and its sister token, Luna, have fallen after UST lost its peg to the dollar, the foundation of it qualifying as a stablecoin, a cryptocurrency linked to the United States dollar or gold.

Millions of investors all wanted to redeem their tokens simultaneously, putting UST to a loss.

As previously reported, at least $55 billion of market cap disappeared from May 9 to May 13, causing huge losses to many investors. On social media, evidence of financial ruin have followed.

UST is an algorithmic stablecoin, supported not by dollar reserves, sondern by Luna, its sister asset, which had to be burned, or permanently destroyed, through a computer code.

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Algorithmic stablecoins are different from centralised methods like tether (USDT) or USD coin (USDC), which are backed by actual dollars or equivalent assets stored in a bank.

Terra announced that a revival plan "will effectively construct a new Terra chain without the algorithmic stablecoin." Terra will burn the remaining UST supply.

DeListing Woes

Crypto exchanges Binance and OKX have removed the token and UST in an effort to protect their customers.

Both exchanges said they will support Luna 2.0.

OKX declared on May 26 that "$LUNA and $UST withdrawal and deposit" will be temporarily frozen.

"These two markets will be delisted so these tokens can be renamed to $LUNC and $USTC.," OKX said. "Details can be found in the below announcement. "$LUNA is still extremely dangerous, please protect your risk."

"I believe that the entire industry must put a high bar when it comes to measuring whether they list or invest in stablecoins that are supported by algorithms," says Lennix Lai, the director of OKX''s financial markets.

"If you are going to do something stable that is backed by volatile assets, it''s going to be really important," said Lai.

''''How Truly Dumb Crypto Gamblers Really Are''''

Binance tweeted a "Terra Network airdrop" on #Binance.

"The new Terra 2.0 token $LUNA will be distributed to eligible users based on the project''s distribution plan," Binance said. "The distribution ratio per account will be disclosed separately."

"$LUNA crashes 99.99%. Billions and millions lost. Entire net worths gone," said a commenter on Twitter. LUNA 2.0 Crypto investors:

Billy Markus, the co-founder of Dogecoin, did not backtrack, tweeting that "luna 2.0 will demonstrate the world just how extremely grobious crypto gamblers are."

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