LUNA Take 2: Community Supports Terra’s Revival
The nearly-dead Terra Network seems to be gathering momentum again.
Recently, Terraform Labs announced that it is prepared to relaunch its protocol, renaming the chain from Terra Classic to Terra or Terra 2.0. According to the company, the “genesis of a new blockchain” is already underway.
The proposal is to create a new Terra chain without the algorithmic stablecoin.
The old chain is to be called Terra Classic (token Luna Classic - LUNC), and the new chain is to be called Terra (token Luna - LUNA),the company elucidated.
The idea spearheaded by Terraform Labs CEO Do Kwon has received overwhelming support from the community. As of May 26, one day after the voting ended, 65,5% of the community representatives voted in favor of the relaunch. 20.98% chose to abstain, and only 13.53% voted against.
A total of 305,975,278 (83.26%) users cast their ballots.
According to Kwon, the pre-attack Luna holders distribution will work like this: “For all holders with a snapshot balance of 10k Luna or less, 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 mnth cliff. This is to ensure that small Luna holders have similar initial liquidity profiles. This would cover 99.81% of Luna wallets while only representing 6.45% of total Luna at the Pre-attack snapshot.”
Luna is slated to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
Some exchanges have already announced that Terra’s new chain token Luna will be available on its platform on May 27. Among them is HitBTC which tweeted: “Dear Traders, @terra_money’s new chain token (LUNA) will be available on HitBTC on May 27th, 2022. The old chain will be renamed to Terra Classic (LUNC). Learn more: https://agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498 Stay tuned for updates.”
Kwon, however, denied reports that he has been in touch with major South Korean crypto exchanges, asking them to list the new Luna token.
To remind, Terraform Labs ground the Terra blockchain to a halt on May 12 after a series of dramatic events, including the Luna token losing nearly all of its value and the UST being depegged from the U.S. dollar.
