TerraUSD developers vote to create new blockchain without failed stablecoin - Aliens: AI Crypto News & Markets Updates
Logo
Logo

Feed

Coins

About

Latest

Bitcoin

Ethereum

NFT

Gaming

Policy

Blockchain

Altcoins

TerraUSD developers vote to create new blockchain without failed stablecoin

PublisherPublisher
The Straits Times

Wed, May 25, 2022

Banner

Aliens TLDR

Under the approved plan, developers will create a new Terra blockchain with a revived Luna token.

Terra backers will distribute the new Luna token to Luna Classic and UST holders.

In a tweet, Terra said that it would work with crypto exchanges Binance and Bybit to distribute the new asset to people who held Luna Classic and UST on exchanges.

The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won’t include the UST stablecoin.

The new Luna tokens will be distributed to previous holders of Luna and UST in a so-called "air drop," relying on a snapshot taken of the old Terra network to verify participants, said Do Kwon, CEO of Singapore-based Terraform Labs, the unlicensed company behind the Terra blockchain.

All decentralized applications and assets built on the old Terra chain will need to migrate to the new one, Terraform Labs said, with Luna and UST holders advised to transfer their tokens to native Terra wallets rather than holding them on exchanges.

The process means Terraform Labs is effectively abandoning the stablecoin TerraUSD, or UST, which from now on will only trade on the Terra Classic blockchain.

Read full article on Aliens appRead from Original Source

The best experience is on the app

Everything happening in the crypto world, in real time

app

Recommended Stories

Article list item background

FTX says no active talks to buy Robinhood

SBF praises Robinhood, hints at possible partnerships
TechCrunch
·

1h

Markets

Recommended Stories

Article

SEC Chair Gary Gensler calls Bitcoin a commodity

Article

NFT.NYC Recap: Bored Apes and Doodles and Snoop Dogg, Oh My!

Article

G7 Inadvertently Makes the Case for Bitcoin with New Gold Move

Article

SBF's FTX Eyeing Purchase of Robinhood: Report

Article

This crypto winter may be long, but builders remain bullish

Article

BREAKING: FTX Reportedly Intends to Buy Robinhood, HOOD Soars 18%

Article

Robinhood stock spikes after reported deal interest from FTX

The best experience is on the app

Download app to discover exclusive content, live market updates and more.

Get smarter and richer with the Aliens Crypto Digest

Stay informed and entertained, for free.

Follow Aliens

Advertise