Since the proposal to create the Terra 2 Blockchain after the collapse of the Terra (LUNA) ecosystem, there has been a lot of speculation about how to create the new Blockchain and how to pay those who lose their investments. While the date announcements were made regarding this new chain, announcements were made that the burning of LUNAs was approved. Here are the details…
Roadmap created for Terra 2.0
A roadmap has now been created and a modified proposal for the creation of Terra 2 has been accepted. Terra 2 will not be a fork of the existing Terra Blockchain, but an entirely new system with upgraded features. According to a recent Tweet, the Terra 2 testnet is live and its entire blockchain will be available on May 28. It is expected to be operational at approximately 9 am Turkey time. So far, Binance, Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global; Announced that they support Terra 2.0 and airdrop. The Terra team has confirmed that the airdrop will take place on the first block of the new Terra chain, May 28. When the airdrop starts, there will be four groups of tokens in the Terra ecosystem:
- Luna before the crash
- UST before the crash
- Luna after the crash
- Post-crash UST
These four groups were formed based on when the tokens in question were acquired, with Luna for reference and the onset of the UST price crash. Account snapshots for pre-crash tokens will be set as of May 7, while post-crash snapshots will be taken on May 28, the day Terra 2 will be released. Luna airdrops will be made with tokens minted in Terra 2. Each of the four token categories will have a predefined airdrop rate.
- Luna before collapse – 1:1.1
- Pre-collapse UST – 1:0.033
- Post collapse Luna – 1:0.0000015
- UST – 1:0.013
Holders of all token categories will be entitled to a 30 percent airdrop based on their holdings at the time of Terra 2’s creation. Airdropped tokens will arrive tied to the user’s wallets and holders will be able to unlink them for transfer after 21 days. The following validators have confirmed support for Terra 2.0: ChainLayer, BTCSecure, Sigma, TerraBay, Nebula Protocol Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth.
LUNA burn approved
Meanwhile, TerraForm Labs announced that voting has concluded for its proposal to burn excess TerraUSD Classic (USTC). Since the proposal was submitted, more than 153.64 million votes have been cast by members of the Terra community, with the vast majority of respondents voting in support of the proposal.
According to Terra Station data, out of more than 154.5 million votes recorded so far, 99 percent of the total votes representing approximately 153.64 million were in favor of burning the proposal. , 5,491 votes did not support it. Once the vote on the proposal is over, Terra will enforce the community’s decision by burning the remaining UST in the community pool, as well as the stablecoin in the cross-chain and liquidity incentive protocol.
