Terra (LUNA)’s revival plan will come with the complete removal of the UST stablecoin from its new Blockchain, which will be released this week. But the new Blockchain Terra 2.0 will exclude all three wallets that played a critical role in the original chain. Here are the latest developments and announcements…
Some wallets in the Terra ecosystem will be kept separate
A tweet from Terra’s official Twitter account, Terraform Labs (TFL), Luna Foundation Guard (LFG) and Terraform’s legacy community pool Confirmed it will be excluded from 2.0. In particular, the wallets will not be exclusive to the airdrop of the new LUNA tokens taking place this week. These statements seem to be in line with founder Do Kwon’s statements that Terra 2.0 will be wholly owned and operated by the community.
This indicates that Kwon, TFL and LFG will no longer play any role in the management of Terra. It may also be part of a “kill switch” protocol implemented by TFL. During the 2021 interview, as I reported on Cryptokoin.com, Kwon said that if TFL were in a position to “be unable to best serve society”, he would take action to cut all ties with Blockchain.
Trading volume exploded
According to the latest recommendation, eligible holders will receive an airdrop of LUNA on the new chain. Following this major update, TerraUSD, which is intended to be a stablecoin, has seen a massive spike in 24-hour trading volume. UST is trading at an average price of $0.097 at press time. TerraUSD prices have increased by over 43 percent in the last 24 hours. Meanwhile, UST’s 24-hour trading volume increased by a whopping 327 percent to $230,5 million. According to the announcement, Terra’s new chain will issue new LUNA tokens to holders of Luna Classic and UST.
The amount of Luna token one will receive will depend entirely on the owner of the token held on the Terra classic chain. It will be based on pre- and post-crash snapshots of the number of tokens held. According to the proposal, the community pool will receive 30 percent of the token distribution. LUNA holders before the attack will receive the largest portion of the airdrop, 35 percent. Post-attack UST holders will receive 15 percent of it. However, pre-attack UST holders and post-attack Luna holders will receive 10 percent of the announced airdrop.
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