Five validators have already declared positive interest in continuing validating on the new Terra network.
Things are moving smoothly for TerraForm Labs as five developers have indicated an interest in continuing as validators on Terra’s new chain.
Terra’s Call to Developers
Less than 24 hours after Do Kwon called on Terra developers to indicate their support and commitment to building on the forked Terra chain.
“Call to action: we encourage Terra developers to signal support & commit to building on the fork on public channels ASAP,” Kwon said.
9/ Terra 2.0 is focused on developers – developers will get an immediate emergency allocation of Luna tokens to fund runway, as well as a pool of tokens earmarked to align the interests of the base layer with its builders.
— Do Kwon ? (@stablekwon) May 16, 2022
So far Terra has received positive responses from developers, suggesting that everything is going as planned.
List of Validators
The developers that have so far indicated an interest in committing their resources to validate the new Terra chain include ChainLayer, BTC.Secure, TerraBay, Nebula Protocol, and Sigma Finance.
The aforementioned developers took to the popular microblogging platform Twitter to declare their interest in working on the Terra project.
ChainLayer, a validator on Celo, ChainLink, Cosmos, Kava, Solana, etc, stated on Twitter:
“Chainlayer commits to validating on the new Terra network!”
Chainlayer commits to validating on the new Terra network!
— ChainLayer (@chainlayerio) May 17, 2022
In a similar development, BTCSecure also tweeted a few hours after Do kwon made the announcement, saying:
“@BTCSecure supports the launch of the new @terra_money chain, where we will ensure the reliability of consensus as a highly secure and stable validator.”
@BTCSecure support the launch of the new @terra_money chain, where we will ensure the reliability of consensus as a highly secure and stable validator.
We are with you, @stablekwon? https://t.co/8FuvyW0gjE
— BTC.Secure (@BTCSecure) May 16, 2022
Sigma says they continue to V2.
the sigma grindset continues on Terra v2 https://t.co/Oil8pE2pTH
— Sigma (@sig_finance) May 17, 2022
In a similar development, TerraBay also disclosed that they will continue to remain a validator on Terra.
we will stay ⚔️
— TerraBay (@terrabayio) May 13, 2022
Interestingly, popular decentralized finance (DeFi) developer Nebula Protocol also indicated an interest in continuing to build on Terra.
We're in. Time to rebuild ?. #TerraIsMoreThanUST https://t.co/8aphUlm4BI
— Nebula Protocol (@nebula_protocol) May 17, 2022
Terra’s Plan to Make Investors Whole
The Terra team is committed to making investors of TerraUSD (UST) and LUNA whole new again. In a bid to accomplish this feat, the team is proposing to fork the existing chain, which will lead to the creation of new tokens dubbed Terra (LUNA) while the existing tokens will be renamed Terra Classic (LUNC).
The newly created tokens will be airdropped to holders, validators, and stakers of the old Terra tokens. As reported, TerraForm Labs said it believes the newly airdropped tokens are part of efforts to make investors whole again.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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