Terra’s Stablecoin (UST) Finds Some Ray Of Hope With Do Kwon’s New Proposal!

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In order to restore the LUNA and TerraUSD from the latest crash that swayed away from the whole crypto market, Terra has to just pop out with more than one proposal. Amid the voting process for the newly bought-up proposal, Terra’s UST fees, in brief, noticed a huge increase.

Terra’s LUNA had spiked as much as 160% to reach $0.3 before crashing.

LUNA Looks For Stability

Terra (LUNA)’s founder Do Kwon, has recommended a brand new revival plan and has opened the voting system within the community. The CoinMarketCap data suggests that the UST price reacted insanely against the 

spike of over 160% at a time. Also, the TerraUSD price raised to the touch the $0.31 price range. However, there was no such transaction happened to support the increased price action. 

As per the crypto data tracker, around 4:10 PM (IST) there was an increase in the price that spiked from $0.10 level to $0.31 level and the price did hold on to this level until 5:40 PM. However, the UST price value slidded towards its low of $0.098.

At the press time, Terra (LUNA) is valued at $0.000148 with a decrease of 20.19% over the last 24hrs.

Terra’s voting Is Live

The voting for Terra’s revival along with its token is now live and the voting will remain open for the next 7 days. The new plan proposal by Do Kwon was created to build a new chain of Terra but one difference is that this time it’s without algorithmic stablecoin.

Do Kwon plans to call the old chain Terra Classic (LUNC) and the new chain will be called Terra (LUNA). Do Kwon plans to airdrop the new LUNA among the old LUNA stakers and the remaining will be TerraUSD holders and app developers.

Kwon, with this new proposal, looks forward to making Terra a complete community-owned chain. At present over 64.7 million (approx 90%) have voted for the proposal while 7.2 million (approx 10%) are against the proposal.