After the recent failure of the Terra Luna cryptocurrency network, which resulted in the loss of billions of dollars for millions of investors and caused the collapse of the network, a new blockchain project known as Luna 2.0 is scheduled to go live on Friday as its replacement.
One of the network’s official Twitter accounts reported Wednesday that a request to change the name of Terra Classic (LUNC) and create a new blockchain called Terra (LUNA) had been approved.
Do Kwon, the founder of the network as well as the Chief Executive Officer of TerraForm Labs, said on Twitter that numerous cryptocurrency exchanges would accept the new blockchain Luna 2.0. Some of these exchanges include gate.io, Bitfinex, FTX, Huobi, and Bitrue.
Terra Luna’s price has been on a downward spiral in recent days, and it was trading at $0.0001578 on Thursday. This is a significant decrease from its previous price of $92.31 a month ago.
Its twin UST, which was originally intended to be tied to the US dollar at par, was trading at $0.09079 at that time. Investors in cryptocurrencies are reported to have lost roughly $40 billion as a direct result of the price collapse of Terra Luna, which also sent a tremor across the entire cryptocurrency market, resulting in the loss of over $1 trillion in value in only six weeks.
