- After the approval of proposal #1623 the launch of the new Terra blockchain is about to happen.
- Holders of the old LUNA and UST tokens will receive an Airdrop of the new tokens, but the Airdrop itself comes with a set of rules.
- One of the easiest ways to receive the airdrop is within an exchange, fortunately, there are several that will support this airdrop.
Following approval by Terra validators this week, a new and improved version of the blockchain will be released later this week.
The favorable count will imply the implementation of proposal #1623, which involves the creation of a new chain of blocks, commonly called “Terra 2.0”.
With the creation of this new chain, the holders of the old LUNA and UST tokens will receive an Airdrop of the new tokens, but it has some rules.
The capture or snapshot that was made in the old Terra blockchain will have 2 dates. The first one was executed on May 7 at block height 7544910, which is supposed to be before the attack, and a second capture was executed on May 26 at block height 7790000 after the attack.
These captures assume the relationship that the distribution of the airdrop will have to the holders of the old LUNA and UST tokens.
It is known that the airdrop will deliver 30% of the total amount of tokens of the old network, according to the statement made by Do Kwon:.
- Pre-Strike Luna Holder Distribution – For all holders with an instant balance of 10k Luna or less, 30% unlocked at genesis; 70% vested for 2 years thereafter with a 6-month precipice. This is to ensure that small Luna holders have similar initial liquidity profiles. This would cover 99.81% of Luna’s wallets, whereas it only represents 6.45% of Luna’s total in the pre-attack snapshot.
- Post-Attack UST Holder Distribution – 20% → 15%: This is to ensure that the allocation related to the unbinding is on par with the original stakeholder allocation (before the attack on Luna). The 5% saved goes to the community pool.
- Increase Initial Float – All initial float allocations have been changed from 15% to 30% to increase the initial float of the token.
The Terra 2.0 genesis block will be generated on May 27, 2022, and with it, the new Terra ecosystem blockchain will begin.
Which exchanges will support the Terra 2.0 airdrop?
To receive this airdrop, one of the easiest ways would be through an Exchange, and so far, we have large exchanges that have already confirmed that they will support this airdrop.
Supporting exchanges include Huobi, BYBIT, FTX, Crypto.com, KuCoin, Bitfinex, Bitrue, Bitget, HitBTC, LBank, and gate.io.
This chain change represents a before and after for Terra, since the disassociation of UST from LUNA would already be active.
Earth’s future
The new Terra network will inherit the deep group of developers and passionate LUNAtic community that made Terra Classic the second largest smart contract blockchain behind Ethereum. As the community migrates to the new chain, most of the popular Terra Classic projects will join them.
Several of the projects that have already confirmed the move to Terra 2.0 are Astroport, Prism, RandomEarth, Spectrum and Nebula.