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Terra 2.0 starts relaunch – LUNA2 will be airdropped tomorrow

 


While the whole world is raising its hands over its head because the Terra crash was arguably the biggest catastrophe for investors in the crypto market, the founder is happily carrying on. Billions of US dollars vanished into thin air in just a few days.


Meanwhile, Terra founder Do Kwon put his rescue plan into action and received sufficient support for the associated proposal from the remaining community. The relaunch is not a fork of the already running Terra blockchain, but the start of a separate chain. Accordingly, Terra 2.0 will not include the transaction history of the old blockchain.


A number of DApps have already declared that they will migrate and will then be available on the new blockchain. But that's not the only support Terra 2.0 will receive.


The airdrop is coming tomorrow

The new blockchain is scheduled to start tomorrow and distribute the new LUNA2 tokens via airdrop. Investors who held LUNA or less than $500,000 in aUST in the Anchor Protocol prior to the crash are eligible.


All those investors who held LUNA or UST after the crash are also entitled to subscribe. In both cases, the status of the respective wallets at the time of the snapshots is decisive. The first snapshot is as of May 7th at block 7,544,910. The last snapshot is expected to take place today at around 9:59 p.m. German time at block 7,790,000.

However, all beneficiaries are not immediately compensated, but can only implement their entitlement after a waiting period, which can vary depending on the account balance during the snapshots. Only a small part is distributed with the start of the Genesis block.


Exchanges support the LUNA2 Airdrop

So far, Bitfinex, Bybit, Kucoin, Huobi and Gate have agreed to support the airdrop. Accordingly, customers of the respective exchanges should find out how the exact process will take place.


Most providers will probably pause deposits and withdrawals from LUNA and UST in order to be able to carry out the migration smoothly. Trading of LUNA and UST will also be discontinued in moves and replaced by trading pairs formed with LUNA2.


It remains to be seen whether this will ultimately satisfy the demands of investors and the LUNA community. Trust in Terra is likely to have been completely destroyed by many investors and without a stablecoin, which promises 20% interest, Terra 2.0 will lose its most important product. In the end, there can only be talk of compensation if LUNA2 is a success. Otherwise, investors would just get a new set of worthless tokens.

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