Terra 2.0 network will launch on May 27. Who will get the new LUNA tokens
Developers will distribute assets to holders of old tokens within two years
25.05.2022 - 09:40
790
2 min
0
What’s new? According to the developers' blog, Terra 2.0 will launch on May 27. The “pre-attack” snapshot is considered May 7, 2022, and there will also be a snapshot before the launch of the new network. Based on these two snapshots, a drop of new tokens will be conducted.
How will the drop be carried out? When Terra 2.0 is created, the old blockchain will be called Terra Classic (LUNC), and the old LUNA ticker will be transferred to the new token.
The initial number of free LUNA tokens will be increased from 15% to 30%. Among the “pre-attack” LUNC holders, 35% will be distributed, while the “post-attack” asset holders will receive 10%. “Pre-” and “post-attack” UST holders will receive 10% and 15% of the new tokens, respectively.
The LUNA distribution to TerraUST holders who put their assets on Anchor (aUST) during the ecosystem crash will be reduced from 20% to 15%. Initially, 30% of funds will be unlocked during the launch, and the remaining 70% will be distributed over the course of two years.
What happened before? Terra representatives noted that the most popular dApps operating on Terra were already ready to be migrated to the new blockchain, among them Prism, Stader, RandomEarth, and OnePlanet.
Terraform Labs CEO Do Kwon called the burning of LUNA tokens a bad idea. In his view, it would not restore the Terra ecosystem, furthermore, the holders would lose their assets. Despite this statement, the Terra CEO provided a wallet address for the burn of LUNA coins.
Also, the Seoul Metropolitan Police Department asked the local exchanges to block the possibility of any corporate funds being withdrawn by the non-profit organization Luna Foundation Guard (LFG), created to back Terra. Law enforcement officials believed the foundation may have embezzled investors' assets.
For a detailed timeline of the collapse of the Terra ecosystem, see GetBlock Magazine's article.
Useful material?
Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024