What is Terra 2.0? Crypto exchanges, tech entrepreneurs divided on supporting new Terra-Luna revival plan
According to an announcement from Terraform Labs, Terra 2.0 is live now. The company has also launched the airdrop of new Luna tokens that will be processed soon.
Terra and Luna has a ‘grand revival plan’ to salvage the Terra ecosystem from its current stage. The new plan is called— ‘Terra 2.0’.
Terra 2.0, is the revamped version of Terra coin. The company CEO believes that validating all invalid blocks as well as transactions on the blockchain network will make the coin boom once again
new blockchain, then the Terra token can be switched to TerraClassic, the stablecoin by Terraform labs that are not algorithmically designed.
It should be noted that Terra-Luna coins are sister coins and to maintain the balance between them, to buy some Terra and then exchange it instead of Luna, would earn small profits
With both coins crashing, after the supply-demand ratio broke, the only way the CEO believes to revive the coins is through the introduction of a new coin.
Global cryptocurrency exchanges such as Binance, FTX, Crypto.com, Huobi, Bitfinex, Bybit, Gate io, Bitrue and Kucoin have announced support of the newly modified version of Terra
BitGo CEO Mike Belshe is not very keen on Terra 2.0. He took to Twitter and questioned whether the new project will be able to fare better than the first failed project.