On Wednesday, LUNA-powered Terra said via its Twitter account, “Terra 2.0 is coming,” adding, “With overwhelming support, the Terra ecosystem has voted to pass Proposition 1623, a new blockchain. originated and called for the protection of our community.”
The Terra Ecosystem Revival Plan is supposed to be an entirely new approach, specifically the abandonment of the stablecoin TeraUSD or UST. This means they are creating a new Terra chain without the algorithmic stablecoin.
In Terra’s revival plan document, it is stated that the old series is to be called Terra Classic (token Luna Classic – LUNC), and the new series is to be called Terra (Token Luna – LUNA).
In addition, Luna will be broadcast to its Luna Classic Stackers, Luna Classic Holders, Residual UST Holders and Terra Classic’s Essential App Developers. Also, TFL’s wallet will be removed from the whitelist for Air Drop – making Terra a fully community-owned chain.
It needs to be noted that, the new LUNA tokens will be distributed to the previous holders of UST and LUNA in an ‘air drop’ manner which will rely on snapshots taken from the old Terra network to verify the participants.
In its revival plan, Terra also stated that due to technical constraints, it is not possible to include all UST and LUNA holdings on Terra and other chains in the snapshot. Assets that cannot be included are:
– UST or LUNA separated from Terra,
– Users with a bridged UST or LUNA who wish to join a post-attack snapshot must go back to Terra before taking the snapshot
– UST or Luna on Terra Protocol that are not easily recognized
– All protocols listed on DeFi Lama will be covered here (Terra TVL – DeFilama 6.7k), plus a few others known.
– UST or LUNA on CW3 multi-signature contracts
– Most USTs and LUNAs will be accounted for in CW3 multi-signature contracts, but there may be edge cases.
Meanwhile, the bulk of token distribution will take place in two forms. First, providing an emergency runway for existing Terra Dapp developers, and second, aligning developers’ interest with the long-term success of the ecosystem. In addition, network security will be incentivized with token inflation – with a target reward of 7% p.a.
Terra said in the statement that Essential App developers committed to launching on Terra will receive:
1. Emergency allocation (0.5% of total supply): To make available for the runway immediately after network launch when they manufacture the product. Committed to refund if product is not launched in 1 year.
2. Developer Alignment Program (1.5% of the total supply): Protocol teams residing in Terra Classic divide this allocation by the pre-attack snapshot by the last 30-day TVL – 1-year rock, followed by 3-year Westing. Accommodation will be arranged for those apps where TVL is not applicable.
3. Developer Mining Program (8% of the total supply): Essential app developers earn a portion of the mining program income in proportion to the amount of TVL every quarter for 4 years.
The network will be launched on May 27.
According to CoinMarketCap, Tera USD is trading higher by over 23% at around $0.08632. While Terra Luna is currently trading over 14% at $0.0001811.
Binance also said earlier today, “The Terra community voted for the ‘Rebirth Terra Network.’” adding, “We are working closely with the Terra team on the recovery plan, which aims to provide the best possible support for affected users on Binance.” To do. treatment. Stay tuned for further updates.”
Following the Terra crash, Binance founder Changpeng Zhao previously spoke about how he became poor with his $1.6 billion investment in LUNA. During the year 2018, Binance received 15 million LUNA tokens for its $3 million investment in the Terra network. At its peak in April this year, investment in stablecoins reached $1.6 billion. However, Zhao made no sale of Luna, and that’s when the stablecoin crashed to zero.
Today, Do Kwon also shrugged off rumors that it was approaching South Korea’s top five exchanges to list LUNA 2.0.
According to HeraldCorp, Do Kwon has approached the top five exchanges in South Korea seeking a $LUNA 2.0 listing. To which Do Kwon tweeted and wrote, ‘Yes no I didn’t.
Do Kwon, who is the founder of TerraForm Labs, previously proposed a revival plan for the Terra ecosystem called a ‘hard fork’, meant to split the blockchain in half. However, later, it was decided to bring in a new blockchain entirely, rebuild the network, and leave the old network to be managed by the users.
Earlier this month, Terra’s crash raised questions about what happened to the $3.2 billion of reserves created in bitcoin and other crypto assets to prevent such an outcome.
Elliptic Enterprises Co-Founder and Chief Scientist Dr. According to Tom Robinson, in his blog, latest updated on May 16, it was highlighted that Terra now claims that the movement of $3.5 billion in bitcoin reserves – the majority of it – was organized to sell . , in an unsuccessful attempt to support the UST stablecoin. Holders of the LUNA token and the UST stable token have collectively lost approximately $42 billion over the past week. However, $85 million in crypto assets are still in Terra Reserve to compensate them.