Terra 2.0 launch postponed

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Crypto company Terraform Labs postpones the launch of the Terra 2.0 network and the distribution of new tokens to May 28, about which announced on his official Twitter page, writes RBC Crypto.

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“The team is working around the clock to coordinate the launch of the new network. Subject to possible changes, we expect Terra to start operating on May 28 at 6 a.m. GMT.

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On the morning of May 27, the price of UST updated its local minimum: the value of the coin fluctuates around $0.03.

The collapse of the Terra Blockchain-backed stablecoin began on May 8th. The cryptocurrency lost its peg to the US dollar after a one-off sale of about $300 million worth of tokens. By May 21, the price of UST had dropped to $0.04. On May 26, there was a brief return to the $0.1 mark after the community and crypto exchanges supported the proposal of the head of Terraform Labs to restore the network.

Do Kwon’s plan to revive the Terra blockchain includes the distribution of new tokens to LUNA and UST holders of the old version of the network. With the expected launch of Terra, they should receive new Luna 2.0 coins.

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Source: Cryptocurrency

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