Dogecoin co-founder Billy Markus said the imminent release of Terra 2.0, the new version of the failed blockchain project, will show how “stupid” cryptocurrency gamblers are. He claimed.
There was a vote on the restructuring of the Terra project as a new Blockchain. The “Terra Network Rebirth” proposal, put to the vote by Terra CEO Do Kwon to save the network after the LUNA and UST collapse, was overwhelmingly accepted.
A new Terra chain will be released on May 27 with a notable difference: it will not be an algorithmic stablecoin.
Earlier this month, the crypto project hailed as one of the top blockchains collapsed after the trouble of the TerraUSD (UST) stablecoin and excessive selling pressure on the LUNA management token pushed its value to zero.
The rollout of the new blockchain will be accompanied by the launch of a new LUNA token. The old token will be called LUNA Classic.
According to the announcement, several different groups were determined for the distribution of new tokens. According to the distribution model presented in the proposal, 35% of the tokens will be distributed to LUNA tokens before the crash. Ten percent of the token supply will be allocated to UST holders before the crash. After the collapse, LUNA and UST holders will receive 25% of the tokens.
Kwon claimed that his main motivation was to protect the living ecosystem behind the problematic project.
While a few crypto community members support Luna 2.0, many remain skeptical.
For example, Dogecoin co-founder Billy Markus was highly critical of Kwon’s revival plan. Earlier this month, he said Terra was “the dumbest thing” he’d ever seen in his life. In his latest Twitter post, “Luna 2.0 will show the world how stupid crypto gamblers really are.” used the phrases. Markus, He expects Luna 2.0 to attract “dumb” crypto gamblers.
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