Terra Looks to Redeem Itself, Will Launch LUNA 2.0 on May 27

Terraform Labs will be launching a new blockchain called LUNA 2.0, a genesis chain that will be different from the original blockchain, after the proposal to rename and create a new blockchain was passed.

LUNA 2.0 is officially rolling out on May 27 after the UST de-pegging and the Terra (LUNA) crash earlier this month, and after days of proposing revival plans. Proposal No. 1623, which would rename the existing Terra blockchain Terra Classic (LUNC), and create a new blockchain (LUNA) passed with 65.5% votes.

According to Terraform Labs, LUNA 2.0 will not share any history with Terra Classic as the proposal is not a fork.

The important distinction here is that a forked blockchain “shares all of its history with the original (chain)”, which Terra 2.0 will not.

The blockchain firm stressed further that “dapps or assets from the old chain will not pre-exist on Terra as they would in a work.” These dapps and assets, then, will need to migrate.

However, the community seems to have dispirited sentiments on Twitter. User @richer_frank raised their doubts, tweeting, “Why would anyone invest in LUNA 2.0?  Honest question.”

User ry_no87 even called out Terra, saying, “So Luna completely fails without any consequence and they allow Luna to try again.” Notably, multiple reports have already mentioned that law enforcement is already on the move in probing companies involved in the LUNA and UST crashes.

Meanwhile, some users were wondering if they can convert their Luna Classic to the new LUNA. Going back to Do Kwon’s tweet last week, the embattled CEO promised to be working on major exchanges to address such issues. In addition, reports have also surfaced that Binance will work “closely” with Terra on LUNA 2.0.

In related news, Terra CEO Do Kwon has been accused of reaching out to five South Korean exchanges to list LUNA 2.0. The developer denied the claims.