For Terra, a trending blockchain protocol, May was a rough month. On May 9, its algorithmic stablecoin UST failed to maintain its value and plunged below the USD peg. As a result, Terra’s governance token LUNA also collapsed immediately.
Terraform Labs, however, did not back down on their platform and soon announced the launch of the new version of Terra and LUNA. The second version of Terra won’t be a fork of the original chain, but a brand-new development.
The stablecoin will not exist in the new ecosystem, but all the UST holders will receive new tokens at the airdrop that takes place on May 28. After this date, the old protocol and coin will be re-named Terra Classic and Luna Classic (LUNC) and abide together with the new ones.
Luna Classic (LUNC) is available for all HitBTC users.
According to the plan, a part of a billion LUNA tokens will be distributed among investors, traders, and other holders of LUNA and UST.
Although some still remain skeptical about the future of the new venture, the majority of investors support the plan with great excitement. After all, the founders did not just vanish in the crypto space (sadly, we’ve witnessed many of those) but have chosen to fix the mistakes. Given that Terra was once one of the most promising DeFi projects, it will be a challenge to make up for a previous folly. Nevertheless, everyone deserves a second chance.
We’re happy to reveal that, supporting Terra’s efforts, HitBTC has added the new token. From May 28, the new pairs LUNA/BTC, LUNA/ETH and LUNA/USDT are available for all our users.
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This article came directly from HitBTC, at https://blog.hitbtc.com/terras-rebirth-and-luna-2-0-on-hitbtc/