The Terra 2.0 mainnet went live on March 27th, 2019 with the release of new cryptocurrency tokens and a public test network portal for exchanges to start using in order to gain access (https://terra2.dev/). No other crypto project has reached this level of development before even launching their first product or exchange integration.
The “what will happen to my luna coins” is the question that many people have been asking. The new Terra 2.0 mainnet goes live and exchanges are welcoming the new LUNA token.
After the Terra 2.0 mainnet (Phoenix-1) launch was postponed until today, Do Kwon’s resuscitation plan seemed to have reached a hitch yesterday.
However, things look to be back on track, as the Terra creator tweeted a video of the mainnet being online at 09:06 (UTC+3) today. A proposal including a hard fork that was approved this week resulted in the restart of the new chain.
Notably, there are no algorithmic stablecoins on the new chain. Logging into the station and reloading the website will show holders of $LUNA ($LUNA2) tokens their balances, according to Do Kwon.
Support for Terra’s return has been shown by cryptocurrency exchanges.
According to a recent Terra statement, the Terra team has been working with cryptocurrency exchanges such as Binance and Bybit in preparation for the introduction of Terra 2.0. The former revealed its support policy, stating that it would distribute LUNA tokens based on pre- and post-attack snapshots.
Bitrue, Bitfinex, Bitpanda, Gate.io, KuCoin, Bitfinex, and Lbanks have all expressed support for the new Terra ecosystem and LUNA airdrop since the announcement. Huobi, which listed LUNA last year, is one among the exchanges that has committed its support for the Terra network’s rebirth.
In a now-deleted message shared by Do Kwon, FTX CEO Sam Bankman-Fried seemed to advocate Terra 2.0. The erasure cast doubt on the crypto exchange’s position on the new Terra chain.
JPMorgan said it would use venture capital investment to help reverse the tide and avert a prolonged crypto winter.
In a research note published on Wednesday, investment bank JPMorgan emphasized the need of continuing venture capital financing in preventing a repeat of the 2018/2019 crypto winter. JPMorgan strategists, notably Nikolaos Panigirtzoglou, predicted that Terra’s demise would have a minimal impact on the market in the future.
To say the least, UST’s decline was devastating, but institutional investors are eager to keep flashing the cash, indicating that the stock has a bright future. JPMorgan analysts stated that following Terra’s fall, $4 billion of the entire $25 billion in capital that has poured into crypto this year was visible. Despite being a “major blow to the crypto industry,” the Terra crisis didn’t have as big of an impact on the decentralized financial area, according to JPMorgan.
At a CFTC hearing, the CME and FTX’s spat over derivatives proposals heated up even more.
FTX, a Bahamian crypto exchange, has submitted a new trading plan with the CFTC that would enable it to disintermediate derivatives trading. The Commodity Futures Trading Commission convened a roundtable on FTX’s proposal on Wednesday.
Sean Downey, an executive director of the futures and options trading platform CME, spoke out against FTX.US’s derivatives trading plan. The executive expressed dissatisfaction with a number of issues, including FTX’s belief that an algorithm can replace money. He went on to say that understanding the distinction between margin and capital is critical, bringing Terra’s problems into the discourse.
Future commission merchants (FCMs) would be eliminated as middlemen under FTX’s plan, and the CME would be the most impacted, which is why the exchange has been vocal in its opposition to the concept. Last week, CME CEO Terrence Duffy testified before a legislative committee that FTX’s idea was not innovative.
Executive terms at the OCC The repercussions from UST is a wake-up call.
Elsewhere, At the DC Blockchain Summit, Acting Director of the Office of the Comptroller of the Currency (OCC) Michael Hsu stated the recent de-peg of the UST is a wake-up call for the crypto sector to re-evaluate and reassess the challenges it’s aiming to address.
There was no contagion impact on the financial sector, according to Hsu, demonstrating the necessity for safe havens outside of crypto. Due to the absence of pressure from crypto on the banking sector, conventional banking has been able to sustain companies despite bitcoin volatility.
The OCC director remarked on yield farming that it had become more of a Ponzi scheme than a focus on true innovation, blaming it on a hype-driven economy. These economies muddle productive innovation aimed at safeguarding users.
Do Kwon’s residence was raided by a social media influencer.
Many people have suffered as a result of Terra’s fall, and one such casualty is a streamer known as ‘Chancers,’ who lost up to $2.4 million on an investment of $80,000 in LUNA. According to a BBC News report, the suspect was discovered at Do Kwon’s residence and has since been apprehended.
The anxious streamer, who was at Do Kwon’s house earlier this month after Terra’s death, continued to question the wife about the TFL CEO’s location before abandoning the scene. He said he felt “like he was going to die” after losing such a large sum of money in such a short period of time. Chancers was one of several investors that entered the crypto industry years ago, in 2017, and profited handsomely from the rise of digital assets.
The “terra luna 2.0 airdrop” is a new token that was just released on the Terra Luna mainnet. The token will be tradeable on exchanges as soon as it goes live.
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