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Date Announced: Team Confirms Terra 2.0 And LUNA Airdrop Coming On May 28, Provide All Relevant Details

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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. 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.”

Exchanges Support

So far following top exchanges have confirmed their support for Terra 2.0 and its airdrop.

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.”

 

There will be four groups of tokens in the Terra ecosystem when the airdrop begins:

  1. Pre-crash Luna
  2. Pre-crash UST
  3. Post-crash Luna
  4. Post-crash UST

These four 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 placed 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 four token categories will have a pre-defined airdrop ratio.

  1. Pre-crash Luna – 1:1.1
  2. Pre-crash UST – 1: 0.033
  3. Post-crash Luna – 1:0.000015
  4. 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 two years, with a peak at six 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 could 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 essential 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 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.”

Validators

Following validators have confirmed support for terra 2.0

ChainLayer, BTCSecure, Sigma, TerraBay, Nebula Protocol  Astroport, Spectrum, One Planet, Anchor, Sigma, Nexus, Nebula, Coinhall, Prism, and Random Earth.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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