Luna is doing exactly the same as the Phoenix.
Luna 2.0, a new Terra Luna token, is expected to launch on May 27, arising from the horror of the horrific accident that ravaged the cryptocurrency market just 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 will replace the existing Luna version, which will be renamed Luna Classic.
Do Kwon, the founder of Do Kwon, has been approved by a majority of voters for his desire to resurrect the devastated ecosystem.
The company said that "Terra 2.0 is coming," which means that the Terra ecosystem has decided to adopt Proposal 1623, which requires the creation of a new blockchain and the preservation of our community.
About 200 million votes were voted for the program, which ended up being around 65% of the vote. 41 million people voted ''no'' and 54 million voted voted abstained.
The new Luna will be distributed to Terra Classic''s current owners.
''''A New Terra Chain''''
TerraUSD, or UST, and its sister token, Luna, have fallen as UST lost its peg to the dollar, the foundation of which it is qualifying as a stablecoin, which is a cryptocurrency tied to the US dollar or gold.
UST lost its dollar peg when millions of investors all wanted to redeem their tokens at the same time.
A total of $55 billion of market cap was lost from the day of the 8th to the 13th of May, causing huge losses to many investors. On social media, evidence of financial ruin have remained until the conclusion.
The UST is an algorithmic stablecoin, which is not funded by dollar reserves, but by its sister asset Luna, which had to be burned or permanently destroyed through a computer code.
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Algorithmic stablecoins differ from centralized alternatives such as tether (USDT) or USD coin (USDC), which are backed by actual dollars or equivalent assets stored in a bank.
Terra said that the revival plan "will effectively construct a new Terra chain without the algorithmic stablecoin." Terra will burn the remaining UST supply.
Crypto exchanges Binance and OKX have delisted the token and UST in an effort to protect their customers.
Both exchanges said they will support Luna 2.0.
OKX said on May 26 that "$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 volatile, please understand your risk."
"I think the whole industry must set a high standard when it comes to choosing whether or not to include stablecoins powered by algorithms," said Lennix Lai, the director of OKX''s financial markets.
"It''s going to be really important that you define a high collateralization ratio if you are going to develop something stable, supported by volatile assets," Lai said.
''''How Truly Dumb Crypto Gamblers Really Are''''
Binance said that the "Terra Network airdrop will be distributed on #Binance."
"The new Terra 2.0 token $LUNA will be distributed to eligible users based on the project''s distribution plan," Binance said. "The distribution ratio per account will be announced separately."
"$LUNA crashes 99.99%. Billions and millions lost. Entire net worths gone," says a commenter on Twitter. LUNA 2.0 Crypto investors:
Billy Markus, the co-founder of Dogecoin, didn''t shy away from his feelings, and said that "luna 2.0 will show the world just how truely dumb crypto gamblers are."