Terra 2.0: What you need to know about Terra's Revival Plan
After long weeks of uncertainty about the future of Terra, when the world came crashing down on the blockchain, a recovery plan comes to light. Its market value dropped from $20 billion to around $840 million within days; LUNA, its native coin (currently known as LUNC) crashed from $85 to $0.0001207, and its dollar-pegged algorithmic stable coin UST came down to $0.00017.
Hope arises for old LUNA holders as a new proposal for revival of the blockchain has been approved by its ecosystem with a 65% yes vote. Kwon, the founder of the Terra chain, created revival Proposal 1623 to revive the blockchain by creating a new Terra blockchain, a new Terra 2.0.
The proposal aims to rescue the sinking Terra blockchain from sinking completely and help holders impacted by the crash get back on their feet with token allocation from the new LUNA token airdrop. The former Terra chain will be called Terra Classic, and its native coin will be called LUNA Classic with the ticker $LUNC, while the new chain will be called Terra chain with the native coin LUNA.
The significant difference between the former Terra blockchain, now Terra Classic, and the new one is the absence of a stable coin; the new Terra blockchain won't have a stable coin like UST. However, the launching of Dapps will be delayed on the new Terra chain because Dapps on the classic Terra chain will be migrating to the new Terra chain first.
What should you anticipate in Terra 2.0?
There are many things to anticipate in the new Terra chain, from a change in the administrative system to new features.
Community Ownership and complete decentralization
The blockchain community will own the new Terra chain 100% as the chain TFL wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be extracted from the whitelist for the airdrop. The new Terra chain will be fully decentralized.
LUNA 2.0 Airdrop
The new Terra chain airdrop and its allocation are among recent crypto activities that have gained much attention from the entire crypto community. The airdrop is a defining moment for the Terra chain and its entire ecosystem; the airdrop cut across residual UST holders, Luna Classic holders, and essential app developers of the Terra Classic chain.
Pre-attack LUNA holders - these are wallets with LUNA tokens before the whole crash; 35% of the token from the airdrop will go to them.
Community pool – these are pools controlled by staked governance and developers; 30% of the total LUNA token airdrop will go to them.
Pre-attack UST holders – these are wallets with Terra stable coins (UST) before the attack; 10% of the airdrop will go to them.
Post-attack UST holders – these are wallets with Terra stable coin (UST) after the attack; 15% of the airdrop will go to them.
Post-attack LUNA holders – these are wallets with LUNA tokens after the crash; 10% of the airdrop will go to them.
The Terra 2.0 airdrop commenced on the 28th of May 2022. However, the chain testnet was already up and running before the airdrop. On the 28th of May, Terra deployed the mainnet chain, and holders are already receiving their airdrops.
Majority of the Terra chain exchange partners, validators, community, and developers have all shown the approval for the new Terra chain deployment.
Emergency Funds for Developers
The new Terra chain makes the blockchain wide open to developers as there are emergency funds available to help developers who want to build on the Terra 2.0 blockchain kick-start. Although terms and conditions are involved, the emergency fund is a win-win for developers and the Terra chain.
Exchanges that support the Terra 2.0 chain
Different exchange platforms are supporting the new Terra chain airdrop: Binance , Bitmix, BigONE, FTX, Bitfinix, KuCoin, Gate.io, Bybit, OKX, Kraken, Okcoin, MEXCGlobal, AtomicWallet.io, LBank.info, Upbit, HitBTC, Huobi, Bitrue, Bitget. Support like this will make the token easily accessible; it will give the token high liquidity and increase holders, eventually boosting its value.
Although Terra chain will make the final announcement for the list of exchanges supporting the new LUNA token, the number can increase or decrease.
How to claim your LUNA 2.0 Airdrop
Claiming your airdrop isn't as technical or complicated as you would have thought it would be; how to claim your LUNA airdrop depends on whether you are using a wallet or centralized exchange (CEX). However, the airdrop is divided into two categories, the vesting tokens and available tokens
- Airdrop through wallet
All tokens from the airdrop have been distributed and are available on the new Terra chain as LUNA, although, there is a percentage of token allocated to vesting token and another percentage as available tokens. The vesting tokens have been automatically staked to different validators who are randomly selected on the new Terra chain.
However, users can redelegate their vesting or stake their new LUNA token to a validator of their choice like Stakely.io for smooth and high staking rewards.
- Airdrop through CEX
The LUNA token has been automatically distributed to all wallets, you can check your exchanges for more details on how to access your LUNA 2.0 airdrop.
