Do Kwon: Terra collects snapshot data for LUNA Airdrop

Kwon said the process will take "some time" due to the large amount of data that needs to be collected. The move comes as the vote shows the majority of LUNA holders are in favor of Terra hard-forking and creating a new blockchain.

The current count shows that out of 230.9 million votes, 61.7% voted for the hard fork. Voting will end on May 25th.

How will Terra's airdrop work?

As per the hard fork proposal, the community pool of LUNA owners will receive 30% of the new LUNA offering. Pre-crash LUNA holders will get 35%, while those who bought in after the crash will get 10%.

UST owners on Anchor before the crash get 10% of the supply, while those who became owners after the crash get 15%. The new chain will do away with the UST stablecoin entirely. Most community participants supported this measure as the failure of UST was the cause of the crash.

Additionally, the hard fork proposal will also completely exclude Terraform Labs from the new blockchain, making Terra V2 fully community-owned. An old Kwon interview suggests that this aspect of Terra's recovery plan may have been part of a pre-planned "kill switch" protocol .

Others doubt the new proposal

But while Terra's validators and community appear to agree with the proposal, other blockchains to which Terra was once connected have expressed their doubts about the future.

Stablecoin exchange Curve recently voted to end its support for UST entirely. His community has also spoken out against supporting the new Terra.

DeFi giant Lido will also open a community vote on whether to support the new Terra.

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