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The Terra project team announced the upcoming restart of the Terra 2.0 ecosystem, and the largest cryptocurrency trading platforms announced their readiness to assist in the restoration of the network.
According to the Terra team, tomorrow, May 27,a new blockchain will be launched, based on the Terra network, but not including the algorithmic stablecoin TerraUSD (UST). The old network token will be called “Luna Classic (LUNC)”, and the new token will retain the old name “LUNA”. The developers reported that the new Terra Core code has already been released, and the codebase has been reviewed by SCV Security.
Predictions and accusations
Recent weeks around the Terra ecosystem and itsFounder Do Kwon, controversy continues about the future of the project and accusations against Terra partners. Especially after it became known that Terraform Labs closed the company's Korean offices just days before the collapse of LUNA and UST.
Recently, a cryptocurrency streamer known as"Chancers", surrendered to Korean police. He is accused of illegally entering Do Kwon's property on May 12 to demand straight answers from the Terra founder about the fate of the project.
“Here in Korea, I was in the top 1% in terms offinancial point of view. But because of Terra's collapse, I'm in big trouble right now. I lost $2.4 million in a short period of time and felt like I was going to die,” Chancers told BBC News.
According to Korean law, unauthorizedan attempt to enter private territory is regarded as an encroachment on private property. On Wednesday, Seoul police said the investigation had been completed and the case had been sent to prosecutors with a proposal to bring charges against Chancers. The crypto streamer faces a criminal record and a large fine.
“In Korean culture, what’s important is not the problem itself, but the fact that it caused a scandal and I had to publicly apologize,” Chancers said.
Another example of the fight for rightsaffected by the collapse of Terra users, there was a thread on the social network Twitter, which is maintained by a blogger under the nickname “FatМan”. It states that a class action lawsuit is planned to seek compensation for all those who lost funds on LUNA and UST.
FatMan stated that participation in the promotion will befree, and “three law firms have already offered to contribute more than $15 million to this historic fight for justice.” At the same time, a significant portion of traders are accumulating Terra assets and hoping that LUNA will make a "miraculous rebound because the project is too big to simply be allowed to collapse."
Are you fooling me again?
Do Kwon proposed a plan to save the project forby creating a fork of an existing network. It was approved by 65% of validators. Zack Guzmán, a crypto journalist for YahooFinance and CNBC, tweeted about this:
"One of the most exciting and leastunderstandable aspects of cryptography is giving value to the “community” of the project. “Community” can mean many things: developers, validators, users, founding team, etc. The launch of the new Terra network will be the largest market test for the crypto community in its history.”
It’s hard to disagree with this opinion.The multidirectional sentiments prevailing in the cryptocurrency market regarding the fate of the Terra project, mostly negative, gave little chance for the vector of restoration of Do Kwon’s fading creation.
It is all the more surprising that recent skepticssupported the idea of reviving the project in the Terra 2.0 format. Cryptocurrency exchanges Binance, Huobi, and HitBTC have announced their readiness to assist in the restoration of the network and participate in the airdrop of new LUNA tokens.
It’s too early to draw conclusions about what causedtrigger for making such a decision. Perhaps this is the desire to protect its users, corporate ethics, as well as the understanding that each of the players in the cryptocurrency market could be in Terra’s place. Or a more pragmatic approach and hope to return their investment in Terraform Labs in any way, as in the case of Binance, which invested about $1.6 billion in LUNA.
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