It seems that Do Kwon and his team have finally arrived with their Terra Ecosystem revival plan after one of the biggest crashes in the history of crypto earlier this month. As per the announcement, a new chain dubbed Terra 2.0 shall be launched on Friday, May 27.
The announcement states that “the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain”. As per the proposed plan, the original blockchain will be split off with the old chain being called Terra Classic. The new blockchain will get the name Terra which will run without any algorithmic stablecoin.
Similarly, the old Luna token shall be called Luna Classic (LUNC) while the new token gets the name LUNA. Do Kwon and his team have decided that all holders of the earlier LUNA and UST cryptocurrencies shall get the new crypto in an airdrop on Thursday. This will rely on the snapshots taken of the old Terra network for verifying participants.
“6/ Token distribution details can be found in the governance proposal, but to summarize:
● Community pool: 30%
● Pre-attack $LUNA holders: 35%
● Pre-attack aUST holders: 10%
● Post-attack $LUNA holders: 10%
● Post-attack $UST holders: 15%
— Terra Powered by LUNA (@terra_money) May 25, 2022”
However, Terra has mentioned that due to technical constraints, it won’t be possible to include all LUNA and UST holdings on Terra in the snapshot. This includes UST or LUNA bridged off of Terra, Users with bridges LUNA or UST who are willing to be included in the post-attack snapshot should bridge back to the Terra blockchain.
The snapshot will also not include UST or LUNA on CW3 multi-sig contracts. Although it will try to include most of the UST or LUNa, there will be some edge cases.
Crypto Exchanges Extend support to the Terra 2.0 Plan
Some of the most popular cryptocurrency exchanges have come forward in support of the Terra 2.0 launch. Cryptocurrency exchange Huobi said that it would support the launch while OKX said that they would be supporting the airdrop of the new LUNA tokens. On the other hand, the world’s largest crypto exchange Binance announced:
“The Terra community just passed a vote to ‘Rebirth Terra Network’. We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.”
