‘Terra·Luna’ Kwon Do-hyung Introduces Terra 2.0 Exchange

[Asia Economy Reporter Jang Hyowon] Kwon Do-hyung, CEO of Terraform Labs, who caused the crash of Korean virtual currencies Luna and TerraUSD (UST), announced on Twitter on the 18th the launch of a decentralized exchange (DEX) that will operate within the ‘Terra 2.0 ecosystem’.

A tweet from Phoenix Finance retweeted by Kwon Do-hyung, CEO of Terraform Labs.

On the same day, CEO Kwon retweeted a post from an account named 'Phoenix Finance.' Although the account owner is unknown, the profile description states it is the 'representative exchange of Terra 2.0.'

Phoenix Finance posted an image on Twitter with the phrase "Launching the best DEX on Terra 2.0." Along with the image, Phoenix Finance wrote, "Rising from the ashes to the world of Nirvana. We are thrilled to announce that we will provide the first and best DEX in the Terra 2.0 ecosystem."

Accordingly, Phoenix Finance is presumed to be a cryptocurrency exchange related to the Terra 2.0 blockchain, whose launch plan was hinted at by CEO Kwon. His retweet of Phoenix Finance’s launch announcement is widely interpreted as a sign of his intention to push forward with the new Terra project.

Earlier, CEO Kwon proposed creating another blockchain in the Terra blockchain protocol discussion forum called 'Terra Research Forum.' The proposal was to create a new blockchain without stablecoins through a 'hard fork.' A hard fork refers to the process where a new cryptocurrency splits off from an existing blockchain.

In this scenario, the existing blockchain would become 'Terra Classic' and 'Token Luna Classic,' while the new chain would be called 'Terra' and 'Token Luna.'

However, according to the cryptocurrency media outlet The Block, a preliminary poll posted by a member of the Terra Research Forum showed that as of 12:20 PM Pacific Time, out of about 3,800 voters, 91% opposed CEO Kwon’s proposal.

Meanwhile, UST and Luna, developed by CEO Kwon, plunged throughout last week amid a sell-off triggered by the collapse of their linked algorithm, and CEO Kwon has acknowledged the failure of the UST and Luna projects.