Terra has made many ideas in an attempt to resurrect the LUNA and TerraUSD following the recent historic crash. Terra’s UST prices spiked slightly during the continuing vote on the freshly modified plan. The token increased by 160 percent to $0.3 before rapidly solidifying its gains.
Do Kwon, Terra’s founder, proposed a new resurrection plan and allowed voting among the community to determine Terra’s fate. According to CoinMarketCap, the UST price spiked by more than 160 percent. The price of TerraUSD unexpectedly increased to $0.31. However, no such transaction was documented to support the spike.
According to the crypto data tracker, the price surged from $0.10 to $0.31 at about 4:10 PM (IST). The price remained at its peak until 5:40 PM (IST). On the other hand, UST prices fell to a new low of $0.098. At the time of writing, the TerraUSD was trading at an average price of $0.0908.
Meanwhile, Terra’s LUNA prices have risen by 7% in the previous 24 hours. At the time of writing, LUNA was trading at an average price of $0.00019.
The vote to revive the Terra and its token is now open and will be available for 7 days. Do Kwon advocated launching a new Terra chain sans the algorithmic stablecoin.
He proposes naming the old chain Terra Classic (LUNC), while the new chain Terra (LUNA). The new LUNA will be distributed through airdrop to existing LUNA stakeholders, holders, TerraUSD holders, and app developers.
Kwon’s latest idea aims to make Terra a completely community-owned chain. Over 64.7 million people (roughly 90 percent) have voted “Yes” on the proposition so far. While 7.2 million people (about 10%) voted “No with veto,” However, this is only an early result of the election because over 303 million citizens have still to vote.