Terra Ecosystem Validator Reveals Timeline for Launching New Project Network

The developers will launch the Terra 2.0 mainnet on Friday, May 27th. At the same time, the project’s testnet is already functioning,said the Orbital Command ecosystem validator.

According to Terra Station, voting on the proposal to launch a new network has ended. The initiative was supported by two-thirds of the validators.

Data: Terra Station.

On May 16, the head of Terraform Labs, Do Kwon, initiatedvoting on a hard fork, calling it "a chance to revive the project from the ashes." The plan involves the creation of a new network with the LUNA token. The existing blockchain will be called Terra Classic with Luna Classic (LUNC) cryptocurrency.

Kwon later amended his proposal by editing several of the new network's token distribution parameters "with community input in mind."

On May 24, Terraform Labs clarified that the “revival plan” for the project does not involve forking the existing network, but creating a new one.

“If Proposition 1623 is accepted, a new blockchain (Terra) will emerge, starting from the zero genesis block, which will have no common history with Terra Classic,”  - said the team.

Kwon's initiative includes snapshots for May 7 ("Before Attack") and May 26 ("Launch"). According to Orbital Command, new LUNA tokens will be distributed during the airdrop as follows:

The validator emphasized that users will receive30% airdrop on May 27 — vesting is provided for the remaining tokens. He also noted that the launch of Terra 2.0 on the network confirmed a number of projects, including Anchor, Sigma and Prism.

At the same time, the community of the liquid staking platform Lido Finance rejected the proposal to launch Terra 2.0 on the network. Over 94% of participants voted against the initiative.

As the development team prepares to launch the new network, Do Kwon is apparently trying to get the new LUNA listed on South Korean exchanges. 

According to the Herald Corporation, the head of TerraformLabs contacted representatives of the Big Five trading platforms. According to the publication, the companies insist that the cryptocurrency undergo a “standard listing procedure.” 

It was previously reported that financial regulatorsheld an emergency meeting in the South Korean National Assembly regarding the potential consequences of Terra's collapse, and the country's police are trying to freeze assets associated with LFG. 

The media also wrote that to investigate the incident, the South Korean authorities recreated an interagency group that was disbanded more than two years ago.

Terra's Death Spiral: How and Why LUNA and UST Failed

Recall that the head of the Galaxy Digital cryptocurrency bank, Mike Novogratz, called TerraUSD “a big idea that failed.”