Terra ecosystem votes to rescue Luna without UST stablecoin

Shortly after its multi-billion dollar collapse in early May, The Terra ecosystem has approved Do Kwon’s proposal that aims to revive Luna (LUNA-USD) through the creation of a new blockchain called Terra Classic. “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,” according to a Twitter post Wednesday. The new Terra chain, though, will not include TerraUST (UST-USD), an algorithmic stablecoin that detached far away from its peg to the U.S. dollar. Do Kwon's proposal would also change the name of Luna (LUNA-USD), Terra's native digital token that became nearly worthless this month, to Luna Classic with the ticker LUNC, according to a follow-up tweet. The old Terra blockchain will be managed by users and anything built on it will have to transition to Terra Classic, Kwon's proposal said. On May 13, Do Kwon called for a restart