![]() According to CEO, Do Kwon, the collapse of UST in the spring of 2022 is the equivalent moment of the Ethereum’s DAO hack that took place in 2017. There is a theory that the additional term “classic” is a reference to the Ethereum / Ethereum Classic split in 2017. There will be no Terra stablecoins on the new chain. Moreover, all network stablecoins (UST, KRT, EUT) have been renamed to Terra Classic stablecoins (USTC, KRTC, EUTC). The original native token - LUNA has also been renamed as LUNA Classic (LUNC). ![]() On May 28, 2022, the genesis block of the new chain was launched to conduct future transactions under the name Terra (LUNA), and the original Terra Chain was rebranded as Terra Classic. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund's Special Drawing Rights basket of currencies - and it intends to roll out additional options. ![]() As of September 2021, it offers stablecoins pegged to the U.S. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.ĭevelopment on Terra began in January 2018, and its mainnet officially launched in April 2019. Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. ![]()
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