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Everything You Need To Know About The Upcoming Terra 2 And LUNA Airdrop

Mark Brennan
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Everything You Need To Know About The Upcoming Terra 2 And LUNA Airdrop

 

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.

Luna Airdrop

Apparently, there will be 4 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 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.

  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 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.

Top Ethereum Whale Buys 86.74 Billion Shiba Inu As SHIB Consolidation Continues

Zabi
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Top Ethereum Whale Buys 86.74 Billion Shiba Inu As SHIB Consolidation Continues

 

Top Ethereum Whale Accumulates 86.74 Billion Shiba Inu (SHIB), worth $1.01 Million in Past 24 Hours.



Ethereum’s key stakeholder adds 86.74 Billion Shiba Inu (SHIB), worth $1.01 Million to her wallet as the dog-themed cryptocurrency recovers slightly from its current support level located at $0.00001125 on the 4 hours chart.

As per WhaleStats’ recent report, the 291st biggest ETH Whale named “BlueWhale0073” has just gobbled up a whopping total of 86,740,251,500 (86.74B) SHIB, worth $1,015,728 ($1.015M) in one significant transaction.

Etherscan.io reveals some interesting information, Within 9 minutes of the purchase, the Whale made one “OUT” transaction and transferred a total of 88,363,976,794 (88.36B), worth $1,036,563 ($1.03M) to one of the mysterious SHIB whales,  leaving her total SHIB balance with 1,033,438,545 (1.03B) SHIB, worth $11,946, Etherscan.io reports.

This is not the first time BlueWhale0073 has sent this much SHIB to the mysterious wallet. On Friday (20th May), the whale accumulated 50,928,118,781 (50.92B) SHIB, worth $592,699 through one significant transaction, and then transferred 51,995,656,824 (51.99B) of SHIB, worth $605,123 to the aforementioned mysterious wallet address.

This mysterious activity from the Top ETH Whale has continued since Robinhood listed SHIB. Since then, she has transferred a whopping total of 4.68 trillion SHIB, worth $54.14 million (as of current price), to the mysterious wallet.

Shiba Inu Recovers From Current Support Level:

Following the widespread selloff in the global crypto market that began on May 9th, Shiba Inu’s price finally undergoes a really tight consolidation phase on May 14th. Since then, the price is seen trading in a range of $0.00001125 and $0.00001306.

In the last 24 hours, the popular canine-themed token has retested its current support level at $0.00001125 (4-hour chart) for the third time and experienced a slight recovery.

At the time of writing, Shiba Inu is trading at the price of $0.00001163, down -1.62% over the last day, with a 24-hour trading volume of $322,708,394.28 ($322.70M).

Ripple Attorney Slams Gary Gensler Over SEC’s Quest to Control the Entire Cryptocurrency Market 

Mark Brennan
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Ripple Attorney Slams Gary Gensler Over SEC’s Quest to Control the Entire Cryptocurrency Market 

Crypto experts are unhappy with the SEC’s continuous lack of regulatory clarity for the crypto sector.  


There has been widespread outrage over the recent video made by Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC).

Gensler recently urged all crypto-related projects to register with the agency as part of efforts to protect U.S. investors from the associated risks of the asset class.

He noted that the fact that technologies evolve does not mean its policy should change because of digital currencies.

“There is no need to treat the crypto market differently just because different technology is used,” Gensler was quoted as saying in the video.

Reactions to Gensler’s Comments

However, the video currently circulating on the internet struck the wrong nerves for cryptocurrency players who feel the SEC chief is trying to take control over the entire crypto market without clearly providing guidelines for the nascent industry.

Attorney Stuart Alderoty, the General Counsel of blockchain company Ripple, is one of the people who slammed the Securities and Exchange Commission for its recent video.

According to attorney Alderoty, while there is a need for consumer and market protection, the SEC’s quest to group all digital currencies under its regulatory oversight is a combination of bad policy and law.

Ripple’s general counsel added that in contrast to what the SEC believes, its jurisdiction in the cryptocurrency market is not limitless because there are other regulatory agencies in the United States that are supposed to oversee some cryptocurrencies.

In a similar development, attorney John Deaton, who recently requested approval to represent over 67,000 XRP holders in the SEC v. Ripple lawsuit, does not seem happy about the recent video made by the SEC chair.

Explaining his understanding of the video, Deaton said the SEC chair wants the entire cryptocurrency market to be left under the agency’s regulatory oversight.

However, the SEC has refused to provide clearer regulation for the asset class just as other countries had done in the past.

“He prefers regulatory uncertainty and vagueness, which will allow regulation through enforcement to continue,” attorney Deaton added.

Also reacting to the Gensler video is LBRY, a company that is currently facing legal action against the Securities and Exchange Commission for allegedly breaching U.S. securities laws.

Calls for Regulatory Clarity 

For a long time, the cryptocurrency community has called on U.S. regulators to provide clearer regulations for the industry. However, the relevant authorities have not heeded these calls.

Although President Joe Biden issued an executive order in March 2022 for the nascent asset class, no significant effort has been made toward that effect.

The SEC has been fighting relentlessly to seize control of the entire cryptocurrency sector while ignoring the Commodity Futures Trading Commission (CFTC), an agency that is supposed to be involved in crypto regulatory matters based on its function.

While a larger portion of crypto projects prefer to be regulated by the CFTC, the SEC is not giving any room for such to happen.

The calls have still not changed. If the SEC wants to take over the entire cryptocurrency market, it should as well provide clearer regulations for the sector.

LUNA Whistleblower Says Terra Team May Not Refund Smallholders As Promised

Albert Brown
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LUNA Whistleblower Says Terra Team May Not Refund Smallholders As Promised

 

Luna Whistleblower Says Do Kwon And Terra Team Are Responsible For Market Crash And May Not Issue Refunds As Promised.


 

Terra is facing yet another backlash if a recent expose is anything to go by. Apparently, a whistleblower is exposing Terra and Do Kwon for what could be seen as fraud and a blatant string of lies and incompetence that may have caused investors financial pains going into billions.

One crypto investor and Terra fan claim to have been contacted by several people volunteering information about what has been happening at Terra of late. Through his Twitter handle (FatMan), the pundit posted a thread in a damning string of accusations that he claims were leveled against Terra by the whistleblowers.

FatMan further quoted Terra Founder Do Kwon, JUMP, Kanav Kariya and FTX CEO saying:

“@stablekwon I know about the bailout from Jump in May 2021 and I know exactly how much you owe them every month in LUNA.

“@jump_ I know exactly what you did to manipulate retail into losing billions on UST, especially LUNA.

“@KanavKariya I know who controls you behind the scenes; I know about your Slack group having a 14-day retention window.

“@SBF_FTX I know about the 30% Serum handshake deal with Jump and what you did to retail investors after.”

Conspiracy To Fleece Investors

FatMan went on to claim that Do Kwon had a deal with Jump, which is a group of blockchain builders, to pay them monthly in exchange for them manipulating the UST and Luna markets.

This has led to retail investors losing billions. FatMan called out the president of Jump, Kanav Kariya, for being a puppet and operating a secret slack group. Next, FatMan set sights on the CEO of crypto exchange FTX, accusing him of facilitating a 30% handshake deal with Serum, which is a DEX platform, involving Jump to fleece retail investors.

These accusations come while the community is still digesting claims that Terraform Labs and Do Kwon may have embezzled the funds set aside as reserves meant to keep UST and Luna prices stable.

Kwon claims to have spent the BTC reserves for that purpose, although no notable effects happened. UST and Luna still crashed. It’s reported that South Korean authorities are investigating Kwon and Terra Foundation Guard.

This has sent shivers across the Terra community because if the Terraform Labs and TFG’s assets are frozen by the authorities, there will be no funding for Terra 2.0 or the promised refunds for affected Luna holders.

According to FatMan, the move of Korean police is the confirmation of what whistleblowers suspected, as all LFG funds were controlled by Terraform Labs, furthermore small holders may not get any refunds if Terra funds are blocked by law enforcement agencies.

“If LFG assets are frozen by the police too soon, the small holder refund that they guaranteed may not take place. Let’s hope bureaucracy drags its feet on this one, at least for the time being. I have been contemplating several matters (albeit sleep-deprived) – more to come soon.”

 

Do Kwon Is Clinging To Power

There have also been claims that Do Kwon has been strong-arming the major players in the Terra blockchain into supporting his proposals to rebirth the chain as Terra 2.0 instead of burning tokens. It has also been reported that he controls over 90% of Terraform Labs. Some see this as his way of clinging to power and bulldozing his own decisions through the community voting blocks.

Fatman added, “Do Kwon knows the builders are important, but it looks like he doesn’t want to relinquish control. Three major protocols were strong-armed into supporting the new fork and many of us don’t like it. Build teams negotiated a 25% stake in Terra 2 but were forced to accept a 10% compromise and were cut out if they didn’t support it publicly.”

SEC Seeks Time Extension to Object Attorney Deaton’s Request to Represent 67K Ripple (XRP) Holders

Mark Brennan
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SEC Seeks Time Extension to Object Attorney Deaton’s Request to Represent 67K Ripple (XRP) Holders

SEC Don’t Want Deaton’s to Represent 67K Ripple (XRP) Holders.


The Securities and Exchange Commission (SEC) is requesting an extension of time in order to file an objection to the recent amici request by attorney John Deaton.

Recall that attorney Deaton is seeking to represent 67,300 XRP holders in the ongoing legal battle between the agency and Ripple.

According to the SEC’s motion, it wants the court to extend the deadline until June 7, 2022, in order to enable the agency to properly file an objection to attorney Deaton’s request.

The Securities and Exchange Commission acknowledged that its objection motion is expected to be ready by May 30, 2022. However, based on the upcoming Memorial Day holiday, its objection motion will be ready on or before June 7, 2022.

Ripple and Attorney Deaton Do Not Oppose

“Defendants have informed the SEC that they have no objection to this extension request, as long as the SEC agrees that any response by Defendants will be due by Friday, June 10, 2022. The SEC has no objection to this proposed deadline,” an excerpt of the motion reads.

In addition, the Amici attorney does not object to its request for a time extension.

The development was recently shared by attorney James K. Filan.

Attorney Deaton’s Upcoming Brief

Meanwhile, the bone of contention is a recent motion filed by attorney Deaton, who is seeking to represent 67,300 XRP holders in the Ripple v. SEC lawsuit.

Attorney Deaton’s upcoming brief seeks to respond to one of SEC’s testifiers, Patrick B. Doody, who is expected to tell the court what motivated XRP holders to buy the cryptocurrency during the 2013 ICO.

While it is not clear what Doody would state in his expert testimony, based on the Telegram v. SEC lawsuit, Doody is expected to say that Ripple investors were motivated by the fact that they would get huge returns in the future when they purchased the token.

If this claim stands, then Ripple’s 2013 XRP sale will be considered a security and the case would be concluded, with the blockchain company slammed with a series of sanctions.

Although attorney Deaton was granted amici status earlier in the case, he still needs approval from the court to file briefs at any point in time.

US Treasury Official Says Collapse Of Terra And UST Shows How Badly Crypto Needs Regulation

Mark Brennan
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US Treasury Official Says Collapse Of Terra And UST Shows How Badly Crypto Needs Regulation

 

Crypto Needs Regulations.



A US Treasury official is worried that the crypto industry is growing too fast and becoming too dangerous without proper regulation.

This is in the wake of the collapse of UST and the Terra ecosystem that led to the de-pegging of UST from the one-to-one arrangement with the USD.

Michael Hsu is the Director of the Comptroller of the Currency; during a recent DC Blockchain Summit, he mentioned the de-pegging of UST from USD, saying that this event should be a clear pointer that there need to be regulations in place if the blockchain technology is to achieve its objective.

No Contagion

However, the director expressed his pleasure that the effects of the de-peg didn’t spill over to the banking system. Hsu aimed at yield farming, calling it a type of Ponzi that consumers should be protected from. UST investors were enticed with huge returns during its peak, running up to 20% of their stakes.

Hsu said,

“Yield farming today may have more in common with Ponzi schemes than productive innovation; hype-driven economy presents real challenges for those truly interested in productive innovation in protecting consumers.” 

While Hsu’s approach in the talks was a bit more aggressive than other speakers, there was still a general consensus that the crypto industry needs strong regulatory policies to prevent such events as UST and Terra’s collapse.

He said that OCC would take a conservative approach toward crypto:

“The OCC will continue to take a careful and cautious approach towards crypto in order to ensure the national banking system is safe and sound.” 

As a matter of fact, the lack of proper legal guidelines has hindered the crypto industry from growing to its potential because some institutions choose to stay away. Those getting in are primarily interested in direct investments rather than building utility. The lack of clear regulations has left many potential investors in limbo.

Binance’s head of tax, Sulolit Mukherjee, was among the speakers at the Summit. He said,

“The priority now…is responsible innovation. Good actors and institutional investors are waiting for more clarity in the space.”

Terra New Blockchain Terra 2.0 Is Here, Expected Launch Date Announced

Mark Brennan
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Terra New Blockchain Terra 2.0 Is Here, Expected Launch Date Announced

Terra 2.0 is coming.


Terra 2.0 will take a snapshot at a block height 7,790,000, according to Terra’s official governance website.

The earliest possible time for the snapshot is set to be at 16:20 UTC on May 26. Furthermore, Genesis supply was much lower than anticipated, at nearly 116.7 million with a projected increase to 182 million a year later.

According to Wu blockchain: “Interpretation by Terra community members: the post snapshot block 7,790,000 and Terra 2.0 could happen as soon as Thu May 26, 2022, 16:20:00 UTC; The supply at genesis is closer to 116.7M rising to 182M after 1 year.”

The following factors should be considered when calculating supply: The pre-attack Luna holder allocation applies to all holders with a snapshot balance of 10,000 Luna or less, 30% unlocked at genesis; 70% will be released two years later Unlock.

This is done to ensure that the initial liquidity of Luna retail holders is comparable. This would cover 99.81 percent of Luna’s wallets, compared to only 6.45 percent of Luna’s total wallets prior to the attack.

Yesterday Terra (LUNA) Team Confirmed that Terra 2.0 Is Not A Fork But an Entirely New Chain.

Top Cryptocurrency Analyst Says Bitcoin (BTC) Is About to Give A Positive Surprise

Mark Brennan
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Top Cryptocurrency Analyst Says Bitcoin (BTC) Is About to Give A Positive Surprise

Bitcoin is poised to rally soon despite its low price, Merten said. 


Despite the negative performance of Bitcoin (BTC) in recent times, a popular cryptocurrency analyst believes that the world’s largest cryptocurrency by market capitalization will soon turn things around for good in earnest.

Nicholas Merten, a popular cryptocurrency analyst, said recently on his YouTube channel that the top asset class has recently flashed a historical indicator, which is always accompanied by a surge in price.

According to Merten, who has over 500,000 subscribers on YouTube, Bitcoin’s recent price crash presented opportunities for many traders, thus prompting a surge in the assets’ trading volume.

Bitcoin’s Historical Indicator Suggests Price Will Soon Surge

Merten said that Bitcoin’s surge in trade volume has been used as an indicator to determine trend reversals. Notably, the recent spike in Bitcoin volume is the same as events recorded in March 2020 and May 2021, respectively.

For Merten, regardless of what crypto traders think about the asset class, Bitcoin is poised for an imminent rally soon, which will help patient holders recover the losses they have incurred over the past few weeks.

“Right here right now, it’s much more likely than not that we’re going to see a significant rally in price recovering a lot of the losses, rather than continuing to the downside.

This market is driven by credit. Is driven by leverage. A lot of the major moves upward and downward are caused by long-term players in the market who are taking on a little too much risk than they should. That has led to the exacerbated rallies in price, recoveries in the market, and all the new all-time highs that we’ve set but it also played a role in the sharp 50% corrections that we’ve seen throughout this cycle, many times before. Merten said”

Bitcoin’s Recent Underperformance

Meanwhile, it is no longer news that the cryptocurrency market suffered a devastating blow following the collapse of Terra ecosystem tokens.

Bitcoin, which was a few dollars away from hitting $40,000, plummeted below $27,000 in the past week, causing widespread capitulation.

While many traders have converted their BTC holdings to stablecoins, long-term investors see Bitcoin’s decline in price as an opportunity to increase their holdings in the top cryptocurrency.

They embarked on an accumulation spree, buying the dips from traders who could not withstand the massive decline in price.

The massive spike in Bitcoin’s volume, according to Merten, bodes well for the top cryptocurrency, as activity is usually followed by a surge in prices based on historical records.

Bitcoin Down 3% In 24 Hours

Bitcoin is yet to put a smile on the faces of investors. At press time, the asset class is down 3% in the last 24 hours, which puts its price at $29,300.

Meanwhile, Cardano founder Charles Hoskinson also shared the same sentiment earlier this month based on his previous experience with Bitcoin.

According to Hoskinson, Bitcoin’s decline in price is usually followed by a massive rally, as patient investors will be adequately rewarded for holding on to the crypto.

Terra Ecological DEX Astroport To Support Both Terra 2.0 And Terra Classic

Mark Brennan
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Terra Ecological DEX Astroport To Support Both Terra 2.0 And Terra Classic

 

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.

 

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.

Tron Is Now The 3rd Largest Chain After Knocking Out Avalanche By TVL

Albert Brown
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Tron Is Now The 3rd Largest Chain After Knocking Out Avalanche By TVL

 

Tron Knocks Out Avalanche By TVL.



The DeFi spaces is a pretty active environment in the blockchain and crypto industry. DeFi chains are always competing, especially now that institutional funds are flowing into the crypto space.

The latest results of a hot competition involve Avalanche and Tron. Tron has knocked out Avalanche to take the 3rd spot as the largest blockchain network in terms of the TVL (Total Value Locked) in DeFi.

Tron TVL
Image source: https://defillama.com/chains

Hot Competition

The two blockchain networks appear to have been in the race for some time before Tron finally got the upper hand.

A look at their market cap stands on CoinMarketCap reveals a strong rivalry between the two. At the moment, Tron is sitting at position 13 in the crypto charts, followed by Avalanche at position 14.

While the cryptos associated with the blockchains are not comparable in terms of price, the total market capitalizations of the networks catch the eye.

Tron has a market cap of around $7.7 billion, just about $200 million more than Avalanche which posts $7.5 billion. AVAX is much higher in crypto prices, trading at around $28.89 while TRX is trading at around $0.08. A look at their trading volumes shows that Tron is currently at $1.6 billion against Avalanche which posts just about $800 million.

Tron Is Strong In DeFi

Tron has been attracting the attention of various DeFi protocols and dApp developers of late. There are currently around 9 large DeFi protocols. Still, the platform has been lagging behind Ethereum, Binance Chain, and Avalanche.

Now, things seem to be heating up on the DeFi side of Tron. Tron’s DeFi TVL is now above $5.32 billion and surpasses Avalanche’s $5 billion. Interestingly, Tron’s DeFi TVL back in February 2021 stood at merely $250 million. The fact that the network is growing and beating rivals even amid a market-wide crash is a positive sign for its future.

While the difference in current DeFi TVL between the two blockchains is not big, Avalanche seems to be in a severe bearish mode as opposed to Tron whose native coin, TRX, is already posting price gains.

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