In an announcement by the Terra blockchain team, the Terra community has approved a vote that aims to start an entirely new genesis version of the Terra blockchain, without the use of an algorithmic stablecoin. The governance plan known as “Terra Ecosystem Revival Plan 2” was amended, and the final version of the brand new Terra Core codebase has been released to get ready for the launch of the brand new blockchain.
Terra Ecosystem Rebirth to Take Place on the 27th of May 2022. The Latest version of Terra Core is Now Available and Authenticated
In May, a brand new blockchain will be launched that is based upon the Terra blockchain network, however it doesn’t include an algorithmic stablecoin such as Terrausd (UST). The token from the old chain will be named “Luna Classic (LUNC)” and the new token will be given the previous name “Luna (LUNA).” The Terra team announced the launch on May 27 and also explained that the governance concept was passed on the 25th of May. According to the Terra team, the latest version of the Terra Core code is published and the codebase was examined through SCV Security.
The decision on governance further outlines how to distribute the LUNA token distribution, which includes 30% of the community pool and 35 percent to pre-attack LUNA holders 10% of pre-attack AUST holders Post-attack LUNA holders will receive 10%, and post-attack UST holders will receive 15 percent of the amount. Furthermore, the Terra team has announced it was the case that Terraform Lab’s wallet, Luna Foundation Guard’s wallet, and the distribution module for the community pool account will be taken off the LUNA airdrop.
Terra’s Twitter thread adds: Terra team’s Twitter thread includes:
The elimination of these wallets from the whitelist for airdrops will make Terra a completely community-owned chain. We believe that this is a crucial step towards strengthening our community.
Controversy, Class-Action Lawsuit as well Mirror Protocol Accusations
There’s been plenty of controversy over the controversy surrounding the Terra blockchain network, as well as the identity that the company Do Kwon. Recently one LUNA investor who suffered losses of $2.4 million was arrested after visiting the home of Kwon and knocking on his front door. There’s also a Twitter account dubbed “@fatmanterra (Fatman)” that has stated that the filing of a class-action lawsuit is in the process to collect compensation for the group of LUNA as well as UST victims.
Fatman stated that the initiative is free to join and the team is currently researching areas such as Singapore where protection of investments is less stringent. Fatman added:
I am pleased to confirm the fact that 3 law firms have agreed to contribute more than $15 million (maybe greater) in this groundbreaking battle for justice . They intend to finance the legal case and will be collecting fees on a contingent basis. This would not have been possible without the help of all of you.
However, it’s not the only thing Fatman has been up to on Twitter, as the account has made public accusations against certain Terra-related projects and partners. In a specific post written by Fatman on Twitter, the account has claimed that Terra’s Mirror Protocol, a decentralized and fake stock exchange has been “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread details how Mirror Protocol’s governance process was believed to be manipulative.
Centralized Exchange Platform’s Binance, Bybit, and Huobi Plans to Support the New LUNA Token
The Terra team appears not to be too concerned by the controversy that surrounds the project or the multitude of allegations posted on the internet. Additionally, a lot of reports have been floating on social media about Kwon’s and Terra team’s decision-making. Kwon has responded to questions after questions regarding the brand new Terra chain, its eligibility, and also the Airdropped LUNA tokens.
The Terra team has revealed that they are working closely with central exchange partners such as Bybit and Binance to help LUNA holders who have left money on exchanges. Huobi Global revealed it would be a partner in its brand new LUNA chain. Binance announced on Twitter the return of the brand new Terra network.
“The Terra community just passed a vote to ‘Rebirth Terra Network,'” Binance stated. “We are working in conjunction with the Terra team to develop a plan for recovery, with the goal of being able to provide affected users with the best possible treatment on Binance with the most effective treatment. Keep an eye out for news.”
What do you think of Terra’s brand new Terra Blockchain project? What do you think of the controversy that surrounds Terra? What do you think of the Terra ecosystem? Tell us what you consider?