Everything You Need To Know About The Upcoming Terra 2 And LUNA Airdrop.
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 Testnet Is Live
According to a recent Tweet by Orbital Command, the Terra 2 testnet is live and the entire blockchain will go fully live on May 27. Orbital Command is one of the validators on Terra Luna. In the tweet, the validator went on to give details about Terra 2 and the expected Luna airdrop.
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 27, 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.
Note that Terraform has also proposed to change the names of tokens to distinguish between the old and the new. The current token from the old chain will be named Luna Classic while new tokens minted on Terra 2 will be named LUNA. The old chain will be called Terra Classic. Also, the new Terra ecosystem will have no linkage with stablecoins.
According to Orbital Command, Terra 2 will be a largely decentralized blockchain, with over 70% of the native tokens airdropped to the community. Various popular protocols have already confirmed their intention to deploy on Terra 2. These include Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth.