- Terra LUNA ecosystem got teared apart recently, devaluing the entire value of the token, but the team is still trying to rebound from the situation.
- A new upgrade is about to launch soon, and the 2nd iteration of the blockchain will release on mainnet this week.
- As per the validator, token backing Terra 2 will be called LUNA, and the former token will be dubbed LUNA Classic.
Terra Revival
Terra proposal 1623 to summon the Terra ecosystem again after the recent events taking the asset down by forking the blockchain and initiating again with a fresh tokenomics has gained a lot of support, specifically from the victims of LUNA crash.
3 amendments were done in the proposal the previous week impacting the ones that got impacted by the LUNA collapse.
“Orbital Command,” a Terra validator took a solution to social media, posting lengthy details regarding Terra 2 network, revealing that the latest chain will go live on 27th May.
1/10 If you haven't heard, Terra 2 testnet is live. Mainnet goes live Friday. It's happening!
How much of an airdrop will I get? What is the point of Terra 2? What protocols will be participating?
Everything you need to know about Terra 2.
— Orbital Command (
The Airdrop
As per the LUNA validator, indigenous token of Terra 2 will be LUNA and the former will be called LUNA Classic, and 4 groups will be eligible to receive the upcoming airdrop.
These are the former holders of LUNA, and the folks who took over a couple of tokens after the ecosystem was torn apart. Pre-collapse snapshot was taken on 7th May while a post-attack snapshot will happen on 27th May.
Pre-attack LUNA holders will receive airdrop close to 1:1, and post attack will get 1:000015.
UST holders holding the stable coin before the dump are more unlucky here as they’ll receive only 1:0.033, and the ones acquiring after the dump will receive 1.0.013.
The airdrop will happen in a “bonded state,” which means that there will be a 21 day unbonding period before transfers become active. It was this delay in unbonding causing a myriad of stakers and investors to lose millions of dollars when the system went down.
Can Crypto Winter Be Prevented?
Many projects have committed to back the Terra 2 ecosystem including, Coinhall. Random Earth, One Planet, Anchor, Spectrum, Nexus, Phoenix, Astroport, Prism, Sigma, and Nebula.
The revival of Terra hava came a little late for the crypto sphere as sentiment is robust in the bearish territory now. Markets have plunged by 43% since the year began, shedding $1 Trillion during this bear cycle.
Source: https://www.thecoinrepublic.com/2022/05/25/terra-2-0-genesis-on-the-offing-whos-gonna-get-luna-airdrop/