Terra team seeks solutions to revitalize the ecosystem following the LUNA and UST collapse. According to the latest developments, the team has officially announced that they will launch a new blockchain called LUNA 2.0. So what is LUNA 2.0 and when will it be released? Here are the details..
Following the success of the Terra Luna vote, a new Terra Luna token called Luna 2.0 will be released, but what exactly is it?
As Luna tries to recover from the massive Luna crypto crash, a Luna recovery plan is put in place by Do Kwon. This plan will see the existing Terra blockchain split with a Luna fork (though not actually a fork).
Do Kwon’s revival plan received over 200 million “yes” votes.
What is Luna 2.0?
Luna 2.0 will be the brand new token of the new Terra blockchain, which aims to save the Terra Luna ecosystem after the stablecoin collapse. Called
Luna rebirth, TerraForm Labs founder Do Kwon’s proposal will see a new chain replace the existing Terra mesh. Besides that, Luna 2.0 will replace the current version of Luna. Seeing the collapse in the first place, UST will sever ties with the stablecoin.
But the old chain will not just disappear, they will exist together. The old chain will be known as Terra Classic, while Luna Classic will see the current Luna continue.
When will Luna 2.0 be released?
If the ongoing vote passes, Luna 2.0 will be released on May 27.
Terra has now released the Terra Core code for the new chain, and the testnet will be live ahead of its May 27 launch.
This date will also mark the official rebranding of the current Luna coin as Luna Classic.
All eyes will be on the Luna 2.0 price at launch. While the new coin marks a reset for the network, owners and those in the cryptocurrency community will not soon forget the collapse of Luna Classic.
When Luna 2.0 Airdrop?
Existing Luna owners will be allocated Luna 2.0 via an airdrop at the launch of the new Terra chain.
With a supply of 1 billion, the airdrop allocations are as follows:
- Luna owners before the attack: 35%
- Luna owners after the attack: 10%
- Pre-attack UST holders: 10%
- Post-attack UST holders: 15%
Community Pool: Controlled by Luna stakers 30% (10% for developers).
TerraForm Labs wallet will also be removed from the whitelist for the Luna airdrop event. This aims to ensure that Terra is a “wholly owned community chain”. The LFG wallet will also not be on the whitelist. “We are proud to work closely with CEX partners” to support the airdrop, Terra said on May 25
. Supported these on Binance and Bybit.
