It seems that Do Kwon and his team have finally arrived with their Terra Ecosystem revival plan after one of the biggest crashes in the history of crypto earlier this month. As per the announcement, a new chain dubbed Terra 2.0 shall be launched on Friday, May 27.
The announcement states that “the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain”. As per the proposed plan, the original blockchain will be split off with the old chain being called Terra Classic. The new blockchain will get the name Terra which will run without any algorithmic stablecoin.
Similarly, the old Luna token shall be called Luna Classic (LUNC) while the new token gets the name LUNA. Do Kwon and his team have decided that all holders of the earlier LUNA and UST cryptocurrencies shall get the new crypto in an airdrop on Thursday. This will rely on the snapshots taken of the old Terra network for verifying participants.
6/ Token distribution details can be found in the governance proposal, but to summarize:
? Community pool: 30%
? Pre-attack $LUNA holders: 35%
? Pre-attack aUST holders: 10%
? Post-attack $LUNA holders: 10%
? Post-attack $UST holders: 15%
— Terra ?? Powered by LUNA ?? (@terra_money) May 25, 2022
