After the current Terra Luna crypto network collapsed, erasing billions of dollars and hurting millions of investors, a new blockchain named Luna 2.0 is expected to launch on Friday to replace it.
Terra Daily, which posts daily updates about the network on Twitter, claimed on Wednesday that a petition “to rename the existing network Terra Classic (LUNC) and revive a new Terra blockchain (LUNA) has officially passed!”
Several cryptocurrencies, including gate.io, Bitfinex, FTX, Huobi, and Bitrue, will adopt the current blockchain Luna 2.0, according to Do Kwon, the network’s creator and CEO of TerraForm Labs.
Terra Luna’s price has dropped dramatically in recent times, trading at $0.0001578 about 0820 GMT on Thursday, down from $92.31 a month ago.
At the time, its brother UST, which was meant to be pegged one-to-one with the US dollar, was trading at $0.09079.
Terra Luna’s price drop is thought to have cost crypto investors over $40 billion, as well as sending a tremor across the worldwide crypto market, which saw more than $1 trillion disappear in only six weeks.
