The developers will launch the Terra 2.0 mainnet on Friday, May 27. At the same time, the Orbital Command ecosystem validator said that the project’s testnet is already running.

According to Terra Station, voting on the proposal to launch a new network has ended. The initiative was supported by two-thirds of the validators.

On May 16, Terraform Labs CEO Do Kwon initiated a hard fork voting, which he described as “a chance to revive the project from the ashes.” The plan includes the creation of a new network with the LUNA token. The current blockchain will be called Terra Classic with the cryptocurrency Luna Classic (LUNC).

Kwon later changed his proposal by tweaking a few of the new network’s token distribution parameters “with community input in mind.”

On May 24, Terraform Labs announced that the project’s “revival plan” includes creating a new network, not bifurcation of the existing network.

“If the 1623 proposal is accepted, it will be a new blockchain (Terra) that starts from the zero starting block and will not share a common history with Terra Classic,” the team said.

Kwon’s initiative includes snapshots for May 7 (“Pre-Attack”) and May 26 (“Launch”). According to Orbital Command, the new LUNA tokens will be distributed during the airdrop as follows:

The validator emphasized that users will receive a 30% airdrop for remaining coins on May 27. don’t deserve. He also noted that the network launch of Terra 2.0 confirms a number of projects including Anchor, Sigma and Prism.

At the same time, the Lido Finance liquid staking platform community rejected the offer to launch Terra 2.0 on the network. More than 94% of respondents voted against the initiative.

As the development team prepares to launch the new network, Do Kwon appears to be trying to list the new LUNA on South Korean exchanges.

According to the Herald Corporation, the head of Terraform Labs contacted representatives of the “big five” trading platforms. According to the publication, companies are pushing for the cryptocurrency to go through a “standard listing process.”

Earlier, it was reported that financial regulators held an emergency meeting in the South Korean National Assembly regarding the possible consequences of Terra’s collapse, and the country’s police tried to freeze the related issues. LFG assets.

The media also wrote that to investigate the incident, South Korean authorities re-formed an interagency group that was disbanded more than two years ago.

Recall that Mike Novogratz, head of the Galaxy Digital cryptocurrency bank, described TerraUSD as a “big idea that failed.”