The proposal to move to the new blockchain network, put to the vote by the Terra (LUNA) Foundation, was accepted. With the completion of the migration to the new network this week, the old network will be renamed Terra Classic (LUNC) and will be shut down.
The new network does not include the algorithmically stable cryptocurrency UST. It will also say goodbye to some of the key account addresses in the ecosystem and a few of the network’s most popular decentralized finance (DeFi) platforms.
UST and community wallet will not be added to the new network
Like Terra’s launch, it also sank because of the UST. Terra Luna Classic (LUNC Coin), with its new name, started a long-term uptrend with the launch of UST in August last year. In this process, LUNC, which climbed from $5 to $115, went bankrupt after UST began to have difficulties in staying stable on the dollar.
LUNC’s market cap rose to $41 billion in April, breaking a record. However, almost all of this value is based on UST. The new Terra ecosystem will not include UST, but will retain the ability to issue algorithmic stablecoins.
According to an announcement shared on the official social media account, the new network will not feature Terraform Labs (TFL), Luna Foundation Guard (LFG), and the old community pool. Cryptocurrencies in these accounts will be ignored and will not participate in the planned airdrop for the new LUNA tokens.
Lido (LDO) will not be in the new Terra network
Lido (LDO) made a name for itself by opening Ethereum staking pools. Its success in this area has made the platform one of the highest-volume Ethereum staking pools.
After Etheruem, Lido developers started to open staking pools on blockchain networks such as Terra, Solana (SOL), and Polygon (MATIC).
Before Terra collapsed, over $10 billion TVL (total value of locked assets) was generated in the LUNA and UST stake pools opened by Lido. In this way, Lido ranked in the top three among all decentralized finance (DeFi) applications in terms of TVL. At the beginning of April, Lido TVL rose to $20 billion. With the collapse of the UST, LDO TVL fell to $8 billion.
LidoFinance has started a vote to decide whether it will be included in the new Terra ecosystem. Community members decided not to join the new network with 94.57% of the votes in this vote.
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