Terra is launching a new blockchain with a new luna token. Seth Green’s animated show starring his stolen NFT is up in the air. The largest stablecoin issuer in the world launched a token for the Mexican peso. Here’s what happened in crypto during the week.
Terra will ‘fork’ into new blockchain with a new luna token
Earlier this month two linked cryptocurrencies called terraUSD and luna imploded. The prices of both tokens went down to a few cents or less in under a week, and people who bought the digital currencies lost almost all of their investment.
This week, a community of luna and terra holders voted to make a new blockchain. The vote passed, and the @terra_money Twitter account said Friday that Block 1 of the new blockchain had been produced. The new blockchain is called terra, while the original one will be called terra classic.
A new luna cryptocurrency will exist on the new blockchain. The original luna token, renamed luna classic, will remain on the old terra classic blockchain along with the terraUSD algorithmic stablecoin.
Both luna classic and terraUSD are still trading for almost nothing, with luna classic worth well under a penny. Terra is holding an “airdrop” giveaway where luna and terraUSD holders could receive the new luna cryptocurrency to incentivize the new blockchain.
A few crypto exchanges, including Binance and Crypto.com, are publicly supporting the new Terra blockchain. Coinbase hasn’t confirmed if it’ll support the new luna cryptocurrency — as of Friday, the US-based exchange said all trades involving terraUSD are suspended.
Read CNET’s full story on the new terra blockchain here.
