Terra Luna revival could ‘surprise a lot of people’ as token rebounds
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Although still knocked by LUNA’s recent collapse, the cryptocurrency market has started to bounce back recently. Over the last day, Terra Luna has recovered by 19.54 percent, according to CoinMarketCap, bringing its value to $0.0001877. The markup will prove encouraging for investors, but the coin still has a long way to go, having dropped from $96 in April.
What has Terra Luna planned?
Terra Luna boss Do Kwon, who has become the target of concentrated fallout from LUNA’s early May crash, recently proposed a recovery plan.
He initially aimed to create a “hard fork” whereby his teams would split the blockchain network in half.
Terraform Labs amended the plan to create an entirely new network, leaving its predecessor in the hands of users.
Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, explained the plan in detail.
He said: “The Terra team have confirmed that the revival plan is not proposing a ‘fork’ of the existing chain, but rather the creation of a new one called Terra 2.0.
“The testnet for Terra 2.0 is now live, and the mainnet will go live on Friday.”
New tokens will come to previous LUNA and UST holders in an airdrop that relies on a snapshot of Terra’s former network, splitting them into four groups.
Mr Sotiriou said: “Four groups will be getting airdrops of the new LUNA: pre-attack LUNA, pre-attack UST, post-attack LUNA, and post-attack UST.
“The pre-attack snapshot was taken on May 7 and the post-attack snapshot will be taken on May 27.”
Alongside the new coins, LUNA will hope to buoy investors with several new projects.
Mr Sotiriou outlined a total of 10 confirmed so far by LUNA executives.
The Terra Luna projects in development under the 2.0 platform include:
- One Planet
- Random Earth
The salvage project has received approval from investors, who confirmed their support in a vote this week.
They voted 65 percent in favour earlier today, while 21 percent abstained and a minority of 13 percent voted “no with veto”.
Mr Sotiriou said: “There is a lot of value in these projects, and the synergies between these protocols create even more value.
“So despite the lack of trust in Terra, it could surprise a lot of people in the long term.”
The information in this article does not equate to financial advice. Anyone considering investing in cryptocurrency should understand the risks involved.
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