After a proposal to rename and create a new blockchain was passed, Terraform Labs will be launching a new blockchain called Terra 2.0, this is part of  plans to revive the project after the massive crash of LUNA/UST. However, it was mentioned that the old chain would not disappear but rather co-exist with the new chain and it will be known as Terra Classic.

The blockchain firm however stressed that DAPPS or assets on the old chain will need to migrate to the new one as they will not pre-exist on the new one as they would in a fork. This is Expected to take place on the 27th of May 2022. The Terra 2.0 blockchain will be officially launched beginning with an airdrop of new LUNA tokens to holders on the old chain.

The blockchain is set to take a snapshot of its 7,790,000 block by today ahead the official launch of Terra 2.0.

This news has been met with a lot of skepticism, but the revival plan is still moving forward. It is reported that Binance will be working closely with Terra on LUNA 2.0 amid the reluctance of other exchanges due to the massive crash that led to delisting of LUNA and UST.

Featured image source: CryptoStars

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