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Plan to Reboot Terra Ecosystem as Terra 2.0 Wins Approval

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The proposal to revive the troubled Terra network as Terra 2.0 has received the green light from the community. However, the controversial algorithmic UST stablecoin will not be a part of the rebirth.

Per the announcement: “Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.” The collapse of Terra’s native tokens LUNA and UST sent shockwaves to the crypto market as nearly $60 billion was shed off.

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