TerraUSD, an algorithmic stablecoin, lost its index to the dollar and dragged LUNA, which was used to fix its value to 1 dollar, dragging itself and the markets into a rapid decline.
The Terra team took action to create a new blockchain after a request from users and network validators.
The new name of the chain, whose old name was changed to Terra Classic, will be launched on May 27 as Terra 2.0.
Cryptocurrency exchanges continue their support for the restart of the Terra network, announcing that they will list the new LUNA token with their statements. This support seems to be reciprocated as airdrop and listing.
Binance Exchange also announced in its previous statements that they will cooperate closely with Terra in the recovery process to assist platform users affected by the LUNA and UST collapse.
Until the network stabilizes, all deposit withdrawals are expected to be halted. With the launch of the new blockchain network called Terra 2.0, Luna will be renamed Terra Classic (LUNC) and the new token will be called LUNA.
The newly created blockchain will not contain an algorithmic stablecoin.
Although the predictions about how the positive developments will affect the crypto money exchanges are positive, there is no change in the pessimistic atmosphere about how long a positive reflection will last.
How Terra and LUNA's rebirth efforts will be met and how they will affect the markets is one of the topics of curiosity of the day.
As in times of decline, it would be a more rational approach to wait patiently and stay in the watcher position.
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