Terra 2.0 Expected To Launch on May 28, Here’s What the Market Thinks About LUNA’s Return

Developers stated Friday that Terra 2.0, Terra’s new blockchain, will be launched on Saturday, May 28, followed by an airdrop of new LUNA tokens to users as part of a more significant effort to revive the ecosystem.

In a tweet on Friday morning, the Terra developers announced that “the community has been working around the clock to coordinate the new chain’s launch.” “Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.”

A snapshot of the new Terra blockchain was taken earlier this week following the completion of a vote among network validators with a 65 percent approval rate.

Terra’s UST tokens experienced a bank run earlier this month, causing values to plummet as low as $0.07. Investors lost faith in the Terra ecosystem, with LUNA token prices plummeting nearly 100% and Terra-based decentralized finance (DeFi) applications losing upwards of $28 billion in locked value.

Here’s What the Market Thinks About LUNA’s Return

Billionaire Mark Cuban told Fortune that he would not invest in Luna 2.0, dismissing the yet-to-be-launched initiative before it ever got off the ground. Cuban had previously stated that he had not invested in either LUNA or the UST stablecoin. The broken Anchor protocol, which was one of the fundamental elements of the Terra ecosystem, was also dismissed by the billionaire.

Many people are skeptical that Terra will be able to rise from the ashes, and they are also skeptical of the project’s hasty revival. Billy Markus, a co-founder of Dogecoin, has slammed the initiative to revive the defunct blockchain, saying that it will attract “dumb gamblers.”

BitGo CEO Mike Belshe has questioned if Terra 2.0 will be able to outperform the project’s first version. Ben McKenzie, widely known for his role as Ryan Atwood on Fox’s The O.C., expressed his concerns about Terra 2.0, arguing that it will result in even greater misery. The American actor-turned-crypto-critic slammed major exchanges for allowing the new Luna cryptocurrency to be listed.

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