Token distribution will begin a day later than planned. UST price drops to $0.03
Cryptocurrency company Terraform Labs is postponing the launch of the Terra 2.0 network and new token distribution to May 28, it announced on its official Twitter page.
“The team is working around the clock to coordinate the launch of the new network. Subject to possible changes, we expect Terra to launch on May 28 at 6 a.m. GMT,” the post reads.
As of the morning of May 27, the price of UST had renewed its local low: the value of the coin is hovering around $0.03.
The collapse of Stablecoin, backed by Terra Blockchain, began on May 8. The cryptocurrency lost its peg to the U.S. dollar after a one-time sale of tokens worth about $300 million. By May 21, the price of UST had dropped to $0.04. On May 26, there was a brief return to the $0.1 mark after the community and cryptocurrency exchanges backed the Terraform Labs head’s proposal to revive the network.
Do Kwon’s plan to revive the Terra blockchain includes distributing new tokens to LUNA and UST holders of the old version of the network. They should receive new Luna 2.0 coins when Terra is expected to launch.