The proposal to revive the troubled Terra network as Terra 2.0 has received the green light from the community. However, the controversial algorithmic UST stablecoin will not be a part of the rebirth.
“Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.”
The collapse of Terra’s native tokens LUNA and UST sent shockwaves to the crypto market as nearly $60 billion was shed off.
Do Kwon, the CEO of Terraform Labs, previously opined that hard forking the Terra blockchain would play an instrumental role in saving the ecosystem.
Therefore, UST will not be integrated into Terra 2.0 because it is regarded as the genesis of Terra trouble based on its algorithmic nature. The report noted:
“It will effectively create a new Terra chain without the algorithmic stablecoin. The old chain will be called Terra Classic (token: LUNC), and the new chain will be called...
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