The Terra blockchain team announced that they have received a vote and adopted a proposal for a Terra blockchain genesis version. This would be without the use of an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network.
Terra Ecosystem Rebirth to Be Happened on May 27th, Latest Version of Terra Core has been Released and Auditted
On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announcedThe May 27 launch was explained by the team. Team members reported that Terra Core’s latest version has been published and that SCV Security audited the codebase.
Further details are provided in the governance decision about the distribution of LUNA tokens. These include 30% for community pools, 35% pre-attack LUNA owners, and 10% pre-attack aUST holder holders. Post-attack LUNA holders get 10%, while post-attack UST holders receive 15%. Terra will also be receiving 15% of the supply. mentioned that the Terraform Labs wallet, Luna Foundation Guard’s wallet, and the community pool distribution module account will be removed from the LUNA airdrop.
The Terra team’s Twitter thread adds:
Terra will be a 100% community-owned network once these wallets have been removed from its airdrop whitelist. This move is important for empowering our ecosystem.
The Controversy Lawsuit and Mirror Protocol Accusations
There’s been a lot of controversy surrounding the Terra blockchain network and the face of the project Do Kwon. Just recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s home and knocking on his door. Then there’s a Twitter account called “@fatmanterra (Fatman)” that has said a class action lawsuit is being planned in order to get compensation for the class of LUNA and UST victims.
Fatman indicated that there will be no cost to participate in the action and that they are currently looking into jurisdictions such as Singapore for investment protection. Fatman said:
I am happy to announce that three law firms have offered to commit over $15m (maybe more) to this historic fight for justice – they are looking to fund the case and will collect fees on a contingency basis. It wouldn’t have happened without you.
But that’s not all Fatman has been doing, as the Twitter account has published accusations about specific Terra-based projects and partners. You can read the entire article here specific thread written by Fatman, the social media account says Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how Mirror Protocol’s governance system was allegedly rigged.
Centralized Exchange Platform’s Binance, Bybit, and Huobi Plan to Support New LUNA Token
The Terra team doesn’t seem to be bothered by the controversy surrounding the project and the litany of accusations on social media. Moreover, many rumors have been flying around social media concerning Kwon’s and the Terra development team’s decisions. Kwon was respondingYou can find more information here question after questionInformation about Terra, eligibility and airdropped LUNA tokens.
Terra Team detailsBinance and Bybit are its central exchange partners. This is to assist LUNA holders, who have made funds available for them. Huobi Global stated that it will. supportThe new LUNA network. Binance shared the news of the rebirth and celebrations for the Terra network.
“The Terra community just passed a vote to ‘Rebirth Terra Network,’” Binance said. “We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.”
Let us know your thoughts on the Terra Blockchain Project. Are you concerned about Terra’s controversial Terra blockchain project? Comment below and let us know how you feel about the Terra ecosystem controversy.
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