On the morning of the 19th, the recent plummeting price of Luna coin was displayed at the Bithumb Customer Center in Seocho-gu, Seoul. [Image source=Yonhap News]
[Asia Economy Reporter Kim Daehyun] Kwon Do-hyung, CEO of Terraform Labs, is actively promoting the new Terra blockchain.
On the 28th (local time), the Terraform Labs website displayed the phrase "Terra 2.0 is here." It introduced the new Terra blockchain as "one of the most decentralized ever created, driven by a passionate community and a deep pool of developers."
CEO Kwon mentioned that the new chain name for Luna coin following the launch of 'Terra 2.0' is 'LUNA2.' He also added guidance that to check how much LUNA2 one holds, users just need to log in to Terra Station and refresh the page. He noted that the mainnet for Terra 2.0, called 'Phoenix-1,' is also operational.
He became the target of global criticism recently due to the Terra crash incident and was sued by Korean investors on charges including fraud.
Despite opposition from many individual investors, Terraform Labs, led by CEO Kwon who pushed forward with the revival of the Terra blockchain, is reported to have conducted an 'airdrop' distributing new Luna tokens free of charge to holders of the existing Luna and UST according to their holding ratios in line with the launch of the new blockchain.
Some have expressed negative views, pointing to a 'crisis of trust' over launching the new Terra 2.0 blockchain before the aftershocks of the crash had settled.
Vijay Ayyar, Vice President of cryptocurrency exchange Luno, criticized on CNBC, saying, "There has been a huge loss of trust in the entire Terra project," and added, "There are already many well-established platforms with active developers. I don’t see why Terra should succeed here."
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