A proposal by the founder of the troubled Terra ecosystem to salvage the project was approved, averting a total collapse of one of the most-watched experiments in decentralized finance.
Under Do Kwon’s newly approved structure, the original blockchain will be known as Terra Classic, while its native token Luna, which plunged close to zero this month, will be renamed Luna Classic with the ticker LUNC. The new Terra blockchain will start running a coin under the existing Luna name and ticker, and won’t include the TerraUSD stablecoin.
Terra’s unraveling, which started earlier this month with the implosion of the algorithmic stablecoin Kwon had touted relentlessly, marked one of the biggest busts in the crypto industry’s history. While the outcome of Wednesday’s vote represents a victory of sorts for Kwon and his supporters, doubts persist about whether Terra can ultimately be revived.
The process means Terraform Labs is effectively abandoning the stablecoin TerraUSD, or UST, which...
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