There are new developments for Terra (LUNA), the most talked about altcoin of recent times. While the expectation of Terra 2.0 causes curiosity in the market, news about the stock markets that support this innovation continues to come. Here are the details…
Terra 2.0 comes to life
It looks like Do Kwon and his team have finally implemented the Terra ecosystem revival plan after one of the biggest crashes in crypto history earlier this month. According to the announcement, a new chain called Terra 2.0 will be launched on Friday, May 27. The announcement states that “The Terra ecosystem has voted to pass Proposition 1623, which calls for the birth of a new Blockchain.” According to the proposed plan, the original Blockchain will be separated by the old chain called Terra Classic. The new Blockchain will be called Terra, which will operate without any algorithmic stablecoins.
Similarly, the old Lunatoken is named Luna Classic (LUNC), while the new token is named LUNA. Do Kwon and his team have decided that all holders of the previous LUNA and UST cryptocurrencies will receive the new crypto in an airdrop on Thursday. This will rely on snapshots from the old Terra network to verify participants. Token distribution details can be found in the management offer, but to summarize:
- Community pool: 30%
- LUNA holders pre-attack: 35% (980710)
- UST holders pre-attack: % 10
- Post-attack LUNA owners: 10%
- Post-attack UST holders: 15%
However, due to technical constraints, Terra is deleting all LUNA and UST assets on Terra. stated that it would not be possible to include it in the snapshot. This includes UST or LUNA bridged from Terra, Users who have LUNA or UST bridges and wish to be included in the post-attack snapshot should bridge back to the Terra Blockchain. The snapshot will also not include UST or LUNA in CW3 multi-signature contracts. Although it will try to include most of the UST or LUNa, there will be some extreme cases.
Cryptocurrency exchanges support LUNA recovery plan
Some of the most popular crypto exchanges have stepped forward to support the Terra 2.0 launch. Cryptocurrency exchange Huobi said it would support the launch, while OKX said they would support the airdrop of new Terra tokens. Binance informed its customers of the voting result and said that the exchange is collaborating with Terra team to devise a recovery plan for Terra and Binance users affected by the UST collapse.
HitBTC, from May 27 He said that he will support the new Terra token that will work on Terra 2. The legacy chain that currently exists will be called Terra Classic and the tokens will be called Luna Classic (LUNC).
Huobi is another one who seems excited and eager to support Terra 2. a crypto exchange. The exchange sent out a tweet to prepare its customers for the “LUNA Rebirth”.
BYBIT on May 26 before the Terra 2 release on its platform UST and He said he would rename the LUNA tokens. Deposits and withdrawals were suspended on the afternoon of May 25.
Birtue is the first exchange to launch LUNA 2.0 trading on May 27, 2022 said they would be
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