Gus – Cryptocurrency Expert
Behind the scenes, the Terra network is still being worked on in the hopes of resurrecting it. Meanwhile, according to CoinQuora, the second version of the blockchain is slated to be live on mainnet this week.
Terra's idea to rebuild the ecosystem by forking the blockchain and starting over with fresh tokenomics has gained a lot of traction and support. Especially from those who lost a lot of money due to the failures of UST and LUNA.
According to Terra Station data, the proposition garnered 65 percent of the vote (approximately 200 million votes), with over 2% (54 million) abstaining and roughly 13% (41 million) voting no. The votes are cast based on LUNA token ownership, with one vote per token rather than one vote per person.
Since last weekend, three changes have been made to the plan, impacting anyone who possessed tokens before and after the "assault." According to the official Terra Twitter account, there will be no hard fork, but Terra 2 will have a new genesis blockchain.
Orbital Command, a Terra validator, tweeted a lengthy piece on May 25 describing the facts. The Terra 2 network will be online on Friday, May 27th, according to the Terra 2 website. According to the proposal's criteria, Terra would airdrop tokens to community members who never traded their former LUNA tokens or UST stablecoins throughout the ecosystem's collapse.
Among the projects that have showed interest in cooperating with Terra 2 are Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth, and Coinhall.
The enormous Terra recovery plans, on the other hand, have arrived too late for the larger crypto market, which is currently in negative territory. Since the beginning of the year, the stock market has lost 43% of its value, or $1 trillion, putting the market during yet another lengthy bad cycle.
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