Terra’s New Chain Launch Pushed to Saturday, NFT Projects Get an Invite to Move to Polygon
The launch of the new Terra (LUNA) blockchain has been pushed back one day and is now expected to go live this Saturday. The launch is readying as the Terra community voted to burn a portion of the old terraUSD (UST) supply, while some projects are migrating to other blockchains.
The latest update from Terra’s official Twitter account regarding the launch date marks a change from the date given in Terra founder Do Kwon’s original revival plan for the network, where a restart was scheduled for May 27.
“The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC,” the tweet from Terra said.
It added that the airdrop of new LUNA tokens will occur at the same time.
In the same thread, the Terra team added that many of the dapps (decentralized applications) from the original Terra chain have committed to migrating to the new chain. However, the exact launch time of each project may vary and will be announced separately by the respective teams, the tweet said.
When the new chain launches, the Terra team previously said, the old chain will be known as Terra Classic, with its native token called Luna Classic (LUNC).
Meanwhile, the Terra community on Friday voted in favor of a proposal to burn a portion of the UST supply that is stored in Terra’s community pool. The burn will now move forward, with 1bn UST tokens set to be burned as part of an effort that some hope could restore UST’s dollar peg.
The vote passed with more than 99% voting in favor of the burn, despite earlier comments from Do Kwon that a burn achieves nothing “except that you lose your tokens.”
Despite the burn proposal passing, the price of UST (now
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