Good News For The Terra DeFi Community As Astroport Pledges To Support Both Terra 2.0 And Terra Classic.
Terra 2.0 is gaining support across the crypto industry, especially among the Terra community. Various protocols that previously ran on the troubled Terra chain have announced intentions to support the proposed Terra 2.0 by re-deploying on the new chain.
Astroport is the latest DEX to take this supportive route. Astroport runs smart contracts supported by the Terra blockchain.
Astroport announced that it will re-deploy its smart contract system when Terra 2.0 goes live in a recent statement.
? INCOMING TRANSMISSION
From the celestial haze, a plan emerges for the future of Astroport.
— Astroport ✦ (@astroport_fi) May 23, 2022
Astroport.fi To Upgrade
The birth of Terra 2.0 will see the Terra ecosystem have two separate and entirely different blockchain networks – the new Terra 2.0, and the old Terra Classic. Each of these will have its own native tokens, namely LUNA, and LUNA CLASSIC. In light of this, Astroport plans to upgrade its systems to support both the old and the new Terra blockchains.
Two Separate Governance Tokens
That means that Astroport will also introduce new ASTRO tokens for the Terra 2.0 chain since there will be two blockchain systems running, with each using its own governance tokens. These will be airdropped just as the new LUNA tokens will be airdropped by Terra. Snapshots of the current ASTRO tokens will be taken in order to determine how each holder is compensated.
The medium post says:
“The new ASTRO tokens on Terra 2.0 will be distributed based on a snapshot of the ASTRO and xASTRO balances on Terra Classic, with the snapshot date being the same as the one used to calculate the LUNA and UST balances in the Terra Ecosystem Revival Plan 2.”
Astroport To Deploy On A New DeFi Chain
Terra has been working to bring the blockchain system back into full operation. The community has voted to create Terra 2.0. However, there are many people in the crypto community who have lost faith in the system. The collapse of Terra has exposed the risks involved in the system and its flaws in it.
In a final statement hinting at this point, Astroport said that it recognizes the many risks involved in working on Terra. As such, while it will continue to operate on Terra 2.0, Astroport will be hunting for a new DeFi platform to deploy an instance of its smart contract system.
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