Developers moved the Terra 2.0 mainnet launch to Saturday, May 28, at around 09:00 (Kyiv/MSK). The genesis block of the new network will be produced by a ‘qualified majority of interconnected validators operating simultaneously’.
2/ To reach this point so quickly speaks volumes about our incredible community of users, validators, developers, and exchange partners 🌎
We’d like to thank each and every one of you for making this possible 🤝
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 27, 2022
The project team noted that the Terra Station portal, the Terra Finder explorer and the Terra Observer hub for dapps will support the new network after launch.
Terraform Labs also said that many dapps from the Terra Classic blockchain are migrating to Terra 2.0. The sequencing and timing of their launches depend on a number of factors, including the pace of the team’s work.
The company emphasised that the new LUNA token will be listed on many leading exchanges. заявили that Binance, Huobi, Bybit, Gate.io and a number of other platforms had expressed readiness to list the cryptocurrency.
The LUNA airdrop will be conducted on the genesis block of the new network. The last snapshot for distribution was taken by the developers on May 27 at block height #7790000 (Terra Classic blockchain). Details of the upcoming event and the vesting scheme, the team disclosed in a recent publication.
In the distribution, users will not need to ‘claim’ tokens — they will be automatically credited to wallets participating in the airdrop.
Terraform Labs added that users holding Terra Classic assets on centralised exchanges should check with the exchanges how the airdrop will proceed.
On 26 May the Terra Classic community approved the proposal to burn TerraUSD (UST) held in the community pool, as well as the stablecoins issued under the final stage of liquidity mining on the Ethereum blockchain.
From the proposal more than 1.3bn tokens will be taken out of circulation — about 11% of the total UST supply. The initiative was supported by more than 99% of the total votes.
The process will occur in two stages. In the first, Terraform Labs will move about 1 billion UST from the community pool to the Community Core Burn module address, permanently removing the assets from circulation.
In the second stage, the team will manually return 370 million UST from the Ethereum blockchain to the Terra Classic network and burn them.
Earlier, after the collapse of UST and LUNA, Terra developers abandoned the hard fork of the blockchain in favour of launching the new network.
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