- The new Luna 2.0 blockchain will be launched according to Kwon’s forking proposal
- The new Luna 2.0 blockchain network will be called Luna
- Investors of the initial Terra Luna blockchain to receive airdrops in two years
The Terra Luna blockchain network is set to launch the new Luna blockchain network to revive the Terra ecosystem.
The initial blockchain network will be referred to as the Terra Classic (LUNC) as the new network will go by the name LUNA.
The Terra network confirmed this through a tweet. With the Terra ecosystem voting in favor of proposal 1623, the network will be formulating a new blockchain intending to maintain the terra community.
Do Kwon confirmed that several crypto exchanges will be supporting the new lunar 2.0 blockchain. Some of these exchange platforms include Bitfinex, FTX,Huobi, Bitrue, and gate.io.
How the new Luna 2.0 blockchain will be distributed
Do Kwon introduced the “Terra Ecosystem Restoration Plan” earlier this month, which would focus on airdropping new tokens to holders of the original Luna tokens.
The initial investors who had over 10,000 Luna tokens before the collapse, will be rewarded with new tokens from time to time. This aims to prevent any sales of the new token immediately.
A total of 30% of the investor’s tokens will be free for starters. The other 70% will be distributed in two years. After every six months, the holders will be receiving new tokens.
Those wallets which had more than 1 million LUNA or UST before the UST depegging from the US dollar, won’t be was according to Kwon’s forking revival plan.
The Terra developers stated that the TerrggLa 2.0 network will be a completely new project and data from the initial chain network will be transferred to the new network.
The proposal of relaunching the Terra blockchain and creating a new Luna token was supported by on-chain voters. 65.6% of the community supported the plan and 13.2% opposed the forking proposal
Terra Luna’s collapse saw trillions of dollars evaporating
With the price of Terra Luna plummeting in the past weeks, on Thursday 26 May 2022, the stablecoin was trading at $0.0001578. This is a drop from the $92.31 as of April 2022.
This collapse was contributed by the stablecoin UST de-pegging from the dollar. This caused a fall in the related price of Luna
The Terra Luna collapse caused an erase of a total of $40 billion and also led to the evaporation of more than $1trillion from the global crypto market.
As of now, Binance is working to support their terror developers on the launching of the new token.
