What Is Terra LUNA 2.0, Here’s All You Need To Know

The Terra team made the much awaited announcement for Terra Luna 2.0 launch on Saturday. The team activated the Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network.

What Is Terra 2.0

On May 25, Terra Classic users passed the governance proposal which outlined the genesis of a new Terra chain. The proposal also described a genesis distribution of Luna which would be airdropped to users. As per the plan, Terra Classic chain users would receive airdrops based on pre-depeg and post-depeg snapshots.

The airdropped Luna could be found by viewing the same wallet address that was present during either snapshot and switching their Terra station network to the phoenix-1 mainnet. The phoenix-1 Terra mainnet launch was seen as a new era of development by the Terra community.

The original chain will be branded as Terra Classic, while the new chain will assume the name Terra.

LUNA Airdrop Distribution

The amount of LUNA users will be eligible to receive will be determined by the types of tokens you held on the Terra Classic chain. It also depends on the time-period that you held these tokens based on pre-Attack and post-Attack snapshots, and the quantity of tokens held.

In the genesis phase, Luna will have a supply of 1 billion tokens allocated. The distribution comprises a community pool of 30% while the rest is governed by the staked governance. As announced earlier in the revival plan, 10% of the tokens are earmarked for developers.

The pre-depeg LUNA holders will get an airdrop of a pool which holds 35% of the total supply. While the pre-depeg aUST holders are allotted an airdrop capacity of 10%, post-attack LUNA holders airdrop also counts to 10%. The post-attack UST holders will get an airdrop of 15% of the supply.

The old Luna will be replaced by Luna 2.0, cutting all ties with the failed stablecoin. However, the old Luna will not vanish from the crypto space. The old Luna will exist along with the new Luna 2.0.

How To Receive Terra Tokens To Terra Station Wallet

The first step involves creating a new Terra Station wallet. Users can purchase the tokens using any exchange that supports Terra.

To receive tokens to the wallet, users can use their wallet address. The wallet address will appear at the top of the Terra station desktop app near the wallet name. Once this is checked, users can send the tokens from the exchange to their Terra Station wallet address.

Among the exchanges supporting Terra 2.0 are FTX, Bitfinex, GateIO, Huobi, Kucoin, Bitrue, Bybit and Binance.  As per the Terra team, the new Terra network will inherit the existing developer pool. It also aspires to “inherit the passionate LUNA community that made Terra Classic the second largest smart contract blockchain behind Ethereum.”

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

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