The expected date for the new genesis block of Terra (LUNA) Blockchain has been announced. Here is the date LUNA investors are wondering about…
LUNA investors’ eye on May 26
Terra 2.0 is a snapshot of 7,790,000 blocks high, according to Terra’s official management website. will get image. The earliest possible time for the snapshot was determined as May 26, 19:20 Turkish time. Also, the Genesis block supply was much lower than expected, around 116.7 million. It is expected to rise to 182 million a year later. Blockchain researcher and journalist Wu Blockchain used the following statements:
Comment by members of the Terra community: snapshot block 7,790,000 and Terra 2.0 on May 26, 2022 at 16:20:00 UTC ( 19.20 TSI) may occur; supply in formation could rise to 182 million in 1 year, currently close to 116.7 million.
Interpretation by Terra community members: the post snapshot block 7,790,000 and Terra 2.0 could happen as soon as Thu May 26 2022 16:20:00 UTC; The supply at genesis is closer to 116.7M rising to 182M after 1 year.
https://t.co/uE8M9jMHYq— Wu Blockchain (@WuBlockchain) May 25, 2022
Some factors should be considered when calculating supply. For example, the allocation to pre-crash LUNA holders will apply to all investors with a snapshot balance of 10,000 Luna or less. 70 percent will hit the market in two years. This is done to ensure that the initial liquidity of individual LUNA holders is comparable. The new recovery plan with the new genesis block will cover 99.81 percent of Luna’s wallets, compared to just 6.45 percent of Luna’s total wallets before the collapse.
South Korean regulators took action
As we reported on Cryptokoin.com , the collapse of the Terra ecosystem, shock waves in the crypto ecosystem sent the entire market down. This fiasco not only raised questions about the viability and sustainability of algorithmic stablecoins, but also increased the urgency to regulate the market. In light of the disaster, South Korean regulators are trying to tighten scrutiny and supervision of crypto exchanges, according to a report by The Korea Times.
In an emergency two-day National Assembly seminar ending May 24, crypto exchange leaders and senior government officials discussed measures to counter future fiascos like the Terra-Luna crash. Representatives from the country’s largest exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, attended the seminar.
