Terra’s LUNA fork proposal, which calls for the creation of a new blockchain and the preservation of the Terra ecosystem and community, received 65.5% vote in favor.
Terraform Labs and the community have announced the launch of the new Terra 2.0 blockchain on May 27 even after the historic Terra ecosystem collapse, which resulted in significant losses for investors.
The fork effectively creates a new Terra chain without the algorithmic stablecoin. Terra Classic ($LUNC) will be the old chain, and Terra ($LUNA) will be the new chain.
The final release of the new Terra Core had already been issued in preparation for the new chain launch on May 27th, and the chain upgrade will begin a few hours after the launch snapshot according to Terraforms Labs.
LUNA Classic stakers, LUNA Classic holders, residual algorithmic stable coin UST holders, and Terra Classic essential app developers will all receive the new LUNA token as an airdrop.
The following is the order in which the tokens will be distributed:
Community pool: 30%
Pre-attack $LUNA holders: 35%
Pre-attack aUST holders: 10%
Post-attack $LUNA holders: 10%
Post-attack $UST holders: 15%
Holders of all token categories will get a 30% airdrop based on their holdings at the time of Terra 2’s launch. The remaining 70% will be disbursed over a two-year period, with a six-month peak. The airdropped tokens will arrive in a bonded condition in users’ wallets, which they can unbond for transfer after 21 days.
According to Terra, the proposal assigns a significant amount of the token distribution to offer a runway for existing Terra dApp developers and to align developers’ interests with the ecosystem’s long-term viability. To make Terra a totally community-owned chain, they will also remove both TFL and LFG wallets from the airdrop whitelist.
Several famous protocols have already stated that they would be deployed on Terra 2. Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth are just a few of them.
Binance, Huobi, MEXC, KuCoin, and Crypto.com have all affirmed that the Terra 2.0 upgrade will be supported. Do Kwon stated in a tweet earlier today that the snapshot will include tokens held on exchanges.
Pre-attack snapshot to be taken at at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00 ~ 15:00:04 UTC)
Post-attack snapshot to be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00 ~ 19:59:51 UTC)