Do Kwon, the CEO of Terraform Labs, announced via Twitter on Wednesday that Terra governance prop #1623 is now live. This proposal seeks to rename the existing network Terra Classic, LUNA Classic ($LUNC). If approved by the community, this will result in a new Terra blockchain and LUNA ($LUNA), Do Kwon informed his followers.
Terra is an algorithmic stablecoin platform operating on a Proof of Stake (PoS) blockchain infrastructure built with Tendermint. LUNA, the native token of the Terra ecosystem, is down by more than 17% in the last 24 hours and is trading at $0.00015000 at press time.