Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
The community voted to move forward with a proposal that will destroy more than a billion UST, in an attempt to rebind the stablecoin. Meanwhile, Terra 2.0 is expected to launch tomorrow, Saturday.
- The developers did not explain the reasons for the delay.
- 99% of the Terra community voted in favor of destroying one billion USTs.
- The new version of Terra will leave behind the failed UST stablecoin.
The plan to reactivate Earth which will see the birth of a new version of the now beleaguered blockchain, has been delayed by a day due to undisclosed reasons. This was reported by the team at Earth this Friday in a tweet .
The launch of Earth 2.0 and its subsequent – and long-awaited – airdrop of LUNA, was expected this Friday, May 27. The plans would be put into motion after the community to approve the reactivation plan network a network refers to all nodes in the operation of a blockchain at any given moment in time. in a government vote that ended Wednesday. However, the timeline for these plans has now shifted slightly.
Yesterday we said that Terra 2.0 is on its way. Tomorrow it arrives. The community has been working around the clock to coordinate the launch of the new network. Subject to possible changes, we expect Terra to be available on May 28, 2022 around 06:00 a.m. UTC.
1/ Yesterday, we said Terra 2.0 is coming. Tomorrow, it arrives.
The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.
— Terra ???? Powered by LUNA ???? (@terra_money)May 27, 2022
Terra 2.0 and airdrop coming soon
While the developers did not provide a detailed explanation for the release delay, they expressed optimism about the early arrival of Terra 2.0. They also reiterated that the airdrop (free distribution of tokens ) proposed for the new LUNA tokens remains aligned with the launch of the genesis chain.
The revival seeks to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the project’s current crisis following the unbundling of its algorithmic stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. Land USD (UST) and the collapse of its token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. native LUNA. The new version of the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. will leave behind the failed UST and will distribute tokens based on the amount of LUNA held by its holders, depending on whether they held the currency currency is a medium of exchange that defines value. before or after the incident.
The new version of Earth will keep the original name, while the old one will be renamed as Terra Classic . The same with the tokens The new version will be called LUNA, while the previous one will be called LUNA Classic (LUNC).
Many of the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset trading platforms have announced their backing for the launch of the new network and support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for the airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. in the face of investors’ expectations. Following the collapse of the ecosystem, which saw LUNA drop from $80 to zero in a matter of days, a large number of users recorded losses in the millions. Several major exchanges centralized, including Binance , FTX , Kraken , Huobi y KuCoin have announced their support for Earth 2.0 and its new token .
More than a billion USTs on the way to destruction
The announcement on the change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. of schedule for the deployment of the Earth 2.0 comes shortly after the community of Earth to vote in favor of burning USTs. On Thursday afternoon, a governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. proposal to burn more than a billion USTs passed after winning the approval of more than 99% of voters.
Specifically, it is the proposal 1747 which proposes the destruction of the USTs found in the project’s community group and the USTs deployed for previous liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. incentives in Ethereum a decentralized open-source blockchain with smart contracts functionality. . The progress of these plans will involve the burning destroying a certain number of digital coins to reduce their issue. This method is used to fight inflation and increase the value of cryptocurrency. All token burning transactions are recorded in the blockchain as a transaction. Therefore, anyone can verify that the coins were destroyed. of more than 1.3 billion UST, or approximately 11% of the existing supply of 11.2 billion UST according to CoinGecko .
According toThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.The process will be carried out in two phases. First, about 1 billion UST will be shipped from the community fund Terra to a burn module where it will be permanently removed from the supply. Next, the team will manually connect 370 million USTs to Earth from the Ethereum and destroy them.
The intention is to seek to regain UST’s parity with the US dollar by reducing its supply. UST lost its expected $1 level which caused an implosion of the UST ecosystem. Earth . The digital asset still remains unlinked, with a price of USD $0.03. The burn is also expected to reduce the price pressure on LUNA caused by the inflated supply of UST.
- More exchanges announce their support for Terra 2.0: FTX, Bitfinex, KuCoin
- More than 280 million LUNA burns in attempt to boost price, but Do Kwon advises against it
- South Korean authorities seek to freeze Luna Foundation’s assets
Article by Hannah Estefania Perez / DiarioBitcoin
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