After the Terra blockchain faced one of the biggest cryptos crashes with LUNA & UST trading below $1 earlier this month, now it appears like Terra founder Do Kwon and his team are finally set with their revival plan for the Terra ecosystem. According to the statement, Terra 2.0, a new chain, will be introduced on Friday, May 27.
Terra Snapshot Doesn’t Include All LUNA & UST
“The Terra ecosystem has voted to adopt Proposal 1623, asking for the birth of a new blockchain,” according to the release.
The original blockchain would be split apart, with the previous chain being dubbed Terra Classic, according to the planned proposal. Terra will be the name of the new blockchain, which will be free of algorithmic stablecoins.
So now, the old Luna token will be known as Luna Classic (LUNC), while the new token will be known as LUNA. Do Kwon and his team determined on Thursday that all holders of the previous LUNA and UST coins would get the new cryptocurrency via an airdrop. The verification of participants will be based on snapshots of the previous Terra network.
On the other hand, Terra has said that because of technical limits, all LUNA and UST holdings on Terra will not be included in the snapshot. Users having UST or LUNA bridges off of Terra should bridge back to the Terra blockchain if they want to be included in the post-attack snapshot.
On CW3 multi-sig contracts, the snapshot will also exclude UST and LUNA. There will be some edge situations, despite the fact that it will strive to incorporate the majority of the UST or LUNa.
Terra 2.0 Gains Support Of Crypto Exchanges
Terra 2.0 has received backing from some of the most well-known cryptocurrency exchanges. Huobi, a cryptocurrency exchange, has announced it will support the launch, while OKX has said it will support the LUNA token airdrop.
Meanwhile, Binance, the world’s largest crypto exchange, made an announcement that “The Terra community just voted in favor of the ‘Rebirth Terra Network.’ On the recovery plan, we’re collaborating closely with the Terra team in order to give the best possible service to impacted Binance users. Stay tuned for further information.”