Revival Plan Approved, New LUNA Token Will Be Launching May 27

Terra backers have voted to revive the LUNA token.

Do Kwon, the founder and CEO of Terraform Labs, proposed launching a new Terra blockchain, which was approved in a vote on Wednesday. The ballots totaled 65.5% support.

“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,” Terra’s Twitter account tweeted on Wednesday.

The proposal plans to airdrop new LUNA tokens to previous holders. As outlined in their plan, 30% of the new LUNA supply will be controlled by staked governance, 10% will go to developers, and 70% will be airdropped.

The HitBTC exchange announced that Terra’s new token would be available for trading on May 27. The new token will be named LU, replacing Luna Classic (LUNC). Binance also announced it has been “working closely with the Terra team on the recovery plan.”

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