Terra submitted multiple bids in an effort to revive LUNA and TerraUSD from the deadly crash. Amid the ongoing vote on the newly updated proposal, Terra’s UST has seen a massive boost for a short time. UST price rallied as much as 160% to $0.3 before consolidating its gains sharply.
LUNA price soared 7% on the news
Terra’s Founder, Do Kwon, proposed a new development plan and opened community voting to determine its fate. According to CoinMarketCap data, the UST price reacted to the upside with this news, suddenly rising above 160%. TerraUSD price also suddenly touched the $0.31 levels. However, no such transaction was recorded to support the volatility.
The crypto data tracker shows that around 4:10 pm the price jumped from $0.10 to $0.31. The price remained at the top until 17:40. However, it came down to the news that UST prices lost $0.098. TerraUSD is trading at an average of $0.098 at the time of writing.
Meanwhile, Terra LUNA is up 7% at one point today. It is trading at $0.0001716 at the time of writing.
Voting is live for Terra’s new plan
Voting for Terra’s revival is live and will remain open for 7 days. Do Kwon proposed creating a new Terra Blockchain, but this time without the algorithmic stablecoin. The old Blockchain will be known as Terra Classic (LUNC) while the new Blockchain Terra (LUNA). The new LUNA will be airdropped among former LUNA shareholders, owners, remaining TerraUSD holders and app developers.
With this new offering, Kwon wants to make Terra a fully community owned Blockchain. So far, over 64.7 million (about 90%) of the proposals have voted “Yes”. 7.2 million (approximately 10%) voted “no” with a veto. However, this is an early result of the vote, as more than 303 million voters did not voice their opinion.
As we have mentioned in the news of Kriptokoin.com, the South Korean government decided to summon Do Kwon, the founder of Terra, to the parliament to tell the behind-the-scenes of the event. Details can be found here.
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