Do Kwon, the Man behind Terra luna has finally Announced Terra 2.0 which will Be the Fork of Current Terra Chain which will be called “Terra Classic”. And new chain will be called $LUNA. Both Chains will coexist as per Do Kwon.
Terra Chain 2.0 Complete Details
Terra 2.0 is made for programmers. Developers will get an emergency allocation of Luna tokens to pay for runway right away, and there will also be a pool of tokens set aside to make sure that the interests of the base layer and its builders are the same.
As per Do kwon, The Terra chain as it is now should be split into a new chain called “Terra” (token $LUNA) that doesn’t use algorithmic stablecoins. The name of the old chain should be “Terra Classic” (token: $LUNC). There will still be both chains.
$LUNA will be airdropped to $LUNC stakers, holders, holders of residual UST, and developers of important apps.
Do kwon Further said that He and the terra team think that this token distribution, along with LFG’s best efforts to make $UST holders whole, is the best way to take into account the different interests and time preferences of each stakeholder group and, most importantly, to get the Terra ecosystem working again.
When will Terra 2.0 launch?
As per Do kwon, TFL will start working on a governance proposal for the network fork in the next few hours. If the proposal is accepted, TFL will work with validators on Friday, May 27 to make sure the fork goes smoothly. While it’s important to note that proposal acceptance is important for the terra chain 2.0 to launch.
Will terra Luna Ever Recover?
At this point, there are lots of uncertainty in the Whole Crypto community, and since Cryptonks Believes in Providing Honest and unbiased point of View, the chances of Terra Luna recovery in terms of price is low. However, upcoming developments may change our view points.