Terra/Luna Proposal had been approved and the relaunch plan is moving forward after Wednesday's vote among network validators, with a 65% approval rate.
The distribution plan is complicated and features a series a drops to those wallets that held 10k or more LUNA on the newly renamed Terra Classic Chain, (LUNC) there is a different set of criteria involved for those who held over a million tokens and includes a full 4 years of token drops and locks.
Although some exchanges have stepped up to say they will support the new chain it is unclear at this time if they will continue support for the old chain, with the plan calling for suspending the activity on the original chain. However many in community want to keep the old fork running as well under the name Terra, and the token LUNC.
It also seems that now that the decision has been made the Terra 2 team will be working quickly with a snap shot tomorrow and the launch of a new chain as soon as Friday.
It's unclear if this plan is mostly supported by the top with little support from the community as there are mixed messages floating around the space.
Another group of Lunatics are pushing for sustaining the old chain with a burn plan some voluntary and in the form of transaction fees, to reduce the huge supply that has been left nearly valueless after the melt down of UST took the entire Terra economy down and caused a large ripple effect across all of crypto as the group sold BTC in a failed attempt to hold the peg.
The future of Terra Luna and the newly conceived chain is highly risky and it does seem doubtful the project will return to it's former glory, but if they have a solid and patient community and trust is restored, maybe the slowly grind out a new viable project who knows?
I didn't hold any Luna at the time of it's melt down, but the entire situation is very interesting and I intend to keep an eye on the project, if for no other reason, just morbid curiosity.
I'd be especially interested in the reaction from those who are here and actually did have some LUNA and what your thoughts are on the moves going forward.
Crypto is never boring and all projects have the ability to teach lessons, experiment and communities can be very loyal, time will tell.
Let me know what you think in the comments.
PS: How exciting is it to have LEOFINANCE.IO as a place to discuss crypto news and watch developments through many different perspectives. Happy to be here!
Another article I wrote about LUNA recently. https://leofinance.io/@whatsup/polygon-offering-to-provide-financial-support-to-onboard-luna-projects
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