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Terra 2.0: Everything You Need to Know About Luna’s Rebirth

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Terra 2.0: Everything You Need to Know About Luna's Rebirth

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It is no longer news that the Terra ecosystem saw an unusual descent. Amid the controversies surrounding the imbroglio, Do Kwon proposed a “Terra Ecosystem Revival Plan” which got varied reactions from the crypto community. However, the majority of Terra’s community voted for a new Terra network to be birthed. Hence, Terra 2.0 is set to be launched on May 27 with a corresponding airdrop.

Terra 2.0: The Rebirth

Terra which is designed as a public, open-source, and proof-of-stake blockchain, with a deep developer talent pool, experienced a huge setback

Terra’s founder Do Kwon and its immediate community have refused to let the Terra project die. More so, Do Kwon noted that the Terra ecosystem and its community are worth preserving. 

In a bid to rebuild and also compensate victims of the LUNA and UST plummet, Proposal 1623 was rolled out in the Terra’s Research Forum for vote casting. 

Voting on the Terra Ecosystem Revival Plan eventually closed, with 65.50% of total voters (305,975,278) saying ‘yes’ to the genesis of a new Terra blockchain. The voting results also showed that 13.2% of total voters chose the “no with veto” option, 0.33% said “no” while 21% refrained. 

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With these outcomes, the proposal for Terra 2.0 was passed to be implemented. Terra 2.0 will inherit the deep developer pool and other things that made the old chain a one-time second-largest smart contract blockchain. 

More so, the new chain will be dubbed Terra while the old chain will be renamed Terra Classic. In addition, Luna Classic (LUNC) will be the token of the old chain (Terra) while token Luna (LUNA) will be the native token of Terra 2.0. 

Speaking of LUNA token distribution, 30% will be allocated to the community pool, 35% will be channeled to pre-attacked LUNC holders while 10% will be distributed across post-attacked LUNC holders. 

Whereas, 10% of LUNA will be for the pre-attacked aUST holders while the post-attacked UST holders will be allocated 10% of LUNA. 

Notably, the upcoming Terra 2.0 blockchain will be developed without the supposed algorithmic stablecoin, TerraUSD (UST). Popular projects on the old chain will be migrating to Terra 2.0 as well. 

See Also: Optimism Foundation Beat Airdrop Farmers in their Game

Terra 2.0 – LUNA Airdrop

It has been confirmed that Terra 2.0 will go live on May 27. As shown in the revival proposal, LUNA, the coin powering the new Terra blockchain will be airdropped across Terra’s community. 

After the launch of Terra 2.0, qualified Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic will receive LUNA airdrops in batches. 

On Terra 2.0 launch day, the first distribution will take place. Here, only 30% of the LUNA airdrop will be issued to Pre-Attack users that held (at snapshot time) less than 10k LUNA. This amount includes staking derivatives and UST deposited in the Anchor protocol. 

Likewise, Post-Attack users with any quantity of LUNA (including staking derivatives), UST, or both, will get 30% of their airdrop. Thereafter, the remaining airdrop will be vested linearly to the eligible users’ wallet addresses over a two-year period, at six-month intervals. 

Importantly, the amount of LUNA to be received is dependent on a few criteria. To be considered are, the types of tokens held on the old chain (Terra Classic), the time of holding, and the number of tokens held. 

“Please be aware that due to technical constraints, it is not possible to include all UST and LUNA holdings on Terra and other chains in the snapshots mentioned.” – Do Kwon (CEO, Terraform Labs)

Reactions From Crypto Exchanges

The anticipated comeback of Terra has encountered mixed receptions from top crypto exchanges and individuals. While some exchanges have announced their support for Terra 2.0, others have dissociated themselves from Terra’s rebirth. 

Particularly, crypto exchanges in South Korea except Upbit have commented that they won’t support Terra 2.0. This stems from the fact that Terraform Labs and Luna Foundation Guard are under Korean Police investigation

Related Post: Korean Police Want LUNA Foundation Guard Funds Frozen

On May 24, Korbit exchange noted that it has decided to terminate the deposit, withdrawal, and trading support for Luna (LUNA). On the other hand, Upbit announced that it will support the Terra 2.0 airdrop with detailed reasons. The exchange further noted that airdrop support does not guarantee the coin’s market support on Upbit. 

Likewise, top exchanges like FTX, Gate.io, Bitfinex, Bitget and, Kucoin have all announced their support for the Terra 2.0 airdrop.

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