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Terra 2.0 is going live on 28th May.
Ever since the proposal to create the Terra 2 blockchain after the collapse of the previous Terra ecosystem, there have been all sorts of speculations as to how the new blockchain will be created and how Terraform Labs and founder Do Kwon will compensate those who lost their Luna investments in the price crash.
Now, a roadmap has been created and an amended proposal for the creation of Terra 2 has been passed. Apparently, Terra 2 will not be a fork of the existing Terra Luna blockchain, but an entirely new system with upgraded features.
Terra 2
According to a recent Tweet, the Terra 2 testnet is live and the entire blockchain will go fully live on May 28.
“We expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.”
1/ Yesterday, we said Terra 2.0 is coming. Tomorrow, it arrives.
The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 27, 2022
Exchanges Supporting Terra 2.0
So far following top exchanges have confirmed their support for Terra 2.0
Binance, Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX Gateio KuCoin, LBank, Cryptocom, FTX, Bitfinex, Bitget and MECX Global.
Luna Airdrop
Terra team confirms that airdrop will occur on May 28th.
“The LUNA airdrop will occur on the first block of the new Terra chain, expected on or around May 28th, 2022 at 06:00:00 GMT.”
10/ Q: When will the airdrop occur?
A: The LUNA airdrop will occur on the first block of the new Terra chain, expected on or around May 28th, 2022 at 06:00:00 GMT.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 27, 2022
Apparently, there will be 4 groups of tokens in the Terra ecosystem when the airdrop begins:
- Pre-crash Luna
- Pre-crash UST
- Post-crash Luna
- Post-crash UST
These 4 groups are formed in accordance with when the said tokens were bought, with the start of the Luna and UST price crash as the reference.
For pre-crash tokens, account snapshots will be set as of May 7, while the post-crash snapshots will be set on May 28, which is the same day that Terra 2 will go live.
Luna airdrops will be made from tokens minted on Terra 2. Each of the 4 token categories will have a pre-defined airdrop ratio.
- Pre-crash Luna – 1:1.1
- Pre-crash UST – 1: 0.033
- Post-crash Luna – 1:0.000015
- Post-crash UST – 1:0.013
Holders of all token categories will be entitled to a 30% airdrop relative to their holdings during the genesis of Terra 2. The remaining 70% will be distributed over a 2-year period with a peak at 6 months. The airdropped tokens will arrive at the user’s wallets in a bonded state and holders can unbonded them for transfer after 21 days.
Terra team further explained that for Liquid (non-vesting) Luna tokens, Users can stake their liquid LUNA on Terra Station to their preferred validator(s) to earn rewards and participate in the new chain’s governance, use dApps upon launch, or trade it on an exchange.
The team answered an important question of whether users need to claim the airdrop or will it just show up in their wallets, saying “LUNA that is not immediately staked (as vesting tokens) will be made available in users’ Terra wallets automatically.
Staked vesting tokens will show up in Terra Station. Users just need to select the new network and visit the “Stake” tab to view their staked balance. After a user’s vesting cliff is hit, tokens will start to become available in their wallet each block.
Users who receive the airdrop through CEXs should check with the exchange for details on how the $LUNA airdrop will work. Our partner exchanges have done a great job of communicating these details, and we’ve been retweeting the announcements as they drop.”