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

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more