Skip to main content

Terra 2.0 Genesis: Who Gets an Airdrop?

 


Work continues behind the scenes to revive the ailing Terra network. The second iteration of the blockchain will be launched on the mainnet this week.


Now there is Terra Proposal 1623 to rebuild the collapsed ecosystem by forking the blockchain and restarting with new tokenomics . The proposal has garnered much support, particularly from those who suffered heavy casualties in the sinking of UST and LUNA .


Late last week, three amendments to the proposal were released, affecting those who held tokens both before and after the "attack." The official Terra Twitter account also announced that there will be no hard fork. Terra 2 will instead be an entirely new Genesis blockchain.


On May 25, Terra validator Orbital Command tweeted a lengthy post detailing the Terra 2 network. The validator also announced that the new chain will go live on Friday, May 27th.

According to the validator, the new native Terra 2 asset will be called LUNA. The old token is then called LUNA Classic. Four groups are eligible for the new token airdrop .


This includes investors who already held both LUNA and UST before the "attack" or invested after the crash. A pre-crash snapshot was taken on May 7, and the post-crash snapshot is on May 27.


LUNA holders who invested before the collapse will receive a 1:1 airdrop. Those who bought tokens after that will only get an airdrop at a ratio of 1:0.000015 (LUNA is currently trading at $0.00016).


The deal for UST holders is even worse. Those who already held the stablecoin before it broke its dollar peg will get new tokens at a ratio of 1:0.033. Those who bought after the collapse will get new tokens at a ratio of 1:0.013 (UST is currently trading at $0.067).


For example, holding 1,000 UST on May 27 will receive 13 new LUNA tokens. Someone holding old LUNA on May 27 will only get 0.15 of the new LUNA tokens for every ten thousand LUNAs. Only a third of the entire airdrop will take place on Friday:


“Regardless of your group, you will receive 30% of the airdrop at Genesis (May 27th). The remainder will be released on a straight-line basis over 2 years with a 6-month lock-up period.”


Also, the airdrop occurs in a “bound state”. This means that there is a 21-day period before the token can be transferred. However, it was precisely this delay that caused thousands of investors and stockbrokers to lose millions of dollars when the system collapsed.


Terra reconstruction is too late

Several projects have already announced their support for Terra 2. These include Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth, and Coinhall.


However, the grand plans to rebuild Terra come too late for the overall crypto market as sentiment is already firmly in bearish territory. Year-to-date, markets are down 43%. That equates to a whopping $1 trillion loss. This is the start of another long bear cycle .


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more