The New Bloom of Terra 2.0: Will Rebranding Help?

Terra

TerraTerra 2.0 or Luna 2.0: the revamped version of the Terra coin on the blockchain network

Rebranding is the process of changing the corporate image of an organization. It is a market strategy of giving a new name, symbol, or change in design to an already-established brand. Terra coin failed miserably, plunging the investor money. Terra coins were currently in deep red, although, the new coin LUNA did reach almost the $20-mark. The new chain’s native mining token is called Luna. Also, Terra stablecoins like UST, KRT, EUT, etc. will not be included in the new chain. The new plan is called Terra 2.0. However, tech entrepreneurs and cryptocurrency exchanges are divided into supporting. Terraform Labs launched Terra2.0 its new blockchain. The idea behind rebranding Terra is to create a different identity for a brand, from its competitors, in the market. The original Terra chain has been rebranded as Terra Classic, while a new chain has been created with the existing name Terra and made available for trading. As per the exchange, Terra Classic traded currently at around $0.0000997 down by 26.55%.

 

Terra 2.0 or Luna 2.0: The rebranding:

Terra 2.0 or Luna 2.0, is the revamped version of the Terra coin. It validating all invalid blocks as well as transactions on the blockchain network will make the coin boom once again. This will be done via a hard fork. A hard fork, as it relates to blockchain technology, is a radical change to a network’s protocol that makes previously invalid blocks and transactions valid, or vice-versa. This hard fork will ensure that Terra is not linked to the current Terra blockchain.

Terra 2.0 forking to succeed, the project needs trust and transparency, which would ensure an upbeat outlook and speedy growth. The Terra token can be switched to TerraClassic, the stable coin by Terraform labs that are not algorithmically designed. Terra will have its native staking token, LUNA, airdropped to its community. The Terraform Labs company has also launched the airdrop of new Luna tokens that will be processed soon.

The Airdrop will be given in new LUNA tokens based on the snapshot of both the traders’ LUNA and UST holdings. The airdrop will be issued in new Luna tokens. There is no new token for UST under the new chain. LUNA crash made headlines, sending shockwaves through the wider cryptocurrency space, with bitcoin and Ethereum crumbling and cryptocurrency trading platform Binance forced to suspend trading. Additionally, the new chain Terra has assumed all Terra branding assets.

The amount of LUNA you will be eligible to receive will be determined by the types of tokens you held on the Terra Classic chain, the time period that you held these tokens, and the number of tokens held. The tokens will be renamed Luna Classic, and while the original Cosmos chain will continue to operate, the option to mint or burn coins will be disabled. The new Terra network will inherit the deep developer pool and passionate LUNAtic community that made Terra Classic the 2nd largest smart contract blockchain behind Ethereum.

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