Terra to relaunch on new blockchain

Terra is working on a new blockchain to serve as the basis for a relaunch of the project after its stablecoin (TerraUSD) crashed, leaving some investors penniless.

The theory behind stablecoin TerraUSD and crypto Luna was that, unlike other stablecoins which tie their value directly to that of the US dollar, the pair were meant to help balance supply and demand.

Despite $60bn of market value disappearing over a few days, backers of the failed project have voted to have it resuscitated.

There has been overwhelming support for the Terra ecosystem according to a tweet by the organization, which mooted its revival pitch, Proposal 1623, on the platform.

But not everyone is happy about the idea of bringing Terra back. In fact, many observers fear that the loss of confidence in the project will hinder the organization, no matter how many of the original backers rush at the chance to have their currencies salvaged.

The loss of trust is real, argues Luno crypto exchange head of international Vijay Ayyar. “This is a very crowded space already with a number of already well entrenched platforms that have lots of developer activity. I don’t see why Terra would succeed here.”

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Updated: 05/26/2022 — 21:00