Developers will launch the Terra 2.0 mainnet on Friday, May 27. The project’s testnet is already live, according to the ecosystem validator Orbital Command.
1/10 If you haven’t heard, Terra 2 testnet is live. Mainnet goes live Friday. It’s happening!
How much of an airdrop will I get? What is the point of Terra 2? What protocols will be participating?
Everything you need to know about Terra 2. 🧵👇
— Orbital Command (🌎,🌔) (@orbital_command) May 24, 2022
According to Terra Station, voting on the proposal to launch the new network has concluded. The initiative was supported by two-thirds of validators.
On May 16, Do Kwon, head of Terraform Labs initiated the vote on the hard fork, calling it \”a chance to resurrect the project from the ashes\”. The plan envisages creating a new network with the LUNA token. The existing blockchain will be named Terra Classic with the cryptocurrency Luna Classic (LUNC).
Later, Do Kwon made changes to his proposal, revising several parameters of the new network’s token distribution \”in light of community input\”.
On May 24, Terraform Labs clarified, that the \”revival plan\” for the project does not involve forking the existing network, but creating a new one.
\u201cIf Proposal 1623 is accepted, a new blockchain (Terra) will emerge, starting from the genesis block zero, and will have no shared history with Terra Classic,\u201d the team said.
The Do Kwon initiative contemplates two snapshots — on May 7 (\”Before the attack\”) and on May 26 (\”Launch\”). According to Orbital Command, in the airdrop the new LUNA tokens will be distributed in the following manner:
3/10 How much new LUNA you will get for each category:
• Pre-attack LUNA — 1 : ~1.1
• Pre-attack aUST — 1 : 0.033
• Post-attack LUNA — 1 : 0.000015
• Post-attack UST — 1 : 0.013Eg, if you have 1,000 UST on May 27th you will get 0.013 * 1,000 = 13 new LUNA.
— Orbital Command (🌎,🌔) (@orbital_command) May 24, 2022
The validator noted that users will receive 30% of the airdrop on May 27 — the remaining tokens are subject to a vesting scheme. He also noted that the Terra 2.0 network launch has validated a number of projects, including Anchor, Sigma and Prism.
6/10 Confirmed Terra 2 projects:
Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth, Coinhall.
That’s a lot of value right there, and the synergies between these protocols create even more value.
— Orbital Command (🌎,🌔) (@orbital_command) May 24, 2022
Meanwhile, the Lido Finance liquid staking platform community rejected the proposal to launch Terra 2.0. More than 94% of participants voted against the initiative.
As the development team prepares to launch the new network, Do Kwon appears to be seeking listings for the new LUNA on South Korean exchanges.
According to Herald Corporation, the head of Terraform Labs has contacted representatives of the \”big five\” trading platforms. The publication notes that the companies insist that the cryptocurrency undergo the \”standard listing procedure\”.
Earlier reports indicated that financial regulators held an emergency meeting in the National Assembly of South Korea regarding potential consequences of Terra’s collapse, and the country’s police are trying to freeze assets related to LFG.
Media also reported that for investigating the incident, South Korean authorities recreated an interagency task force, disbanded more than two years ago.
Galaxy Digital chief Mike Novogratz described TerraUSD ‘a big idea that failed’.
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