Friday, February 23, 2024

New Terra Blockchain To Launch On Saturday With LUNA Airdrop

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The new Terra blockchain will launch on Saturday and there will also be a LUNA airdrop as a part of the broader plan to help revive the Terra ecosystem and its tokens so let’s read more today in our latest Blockchain news.

The New Terra Blockchain will be launched on Saturday followed by the airdrop of new LUNA tokens, to the users as a part of the broader plan to revive the ecosystem as the developers confirmed. Terra developers said:

“The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.”

The snapshot of the new blockchain named Terra 2.0 took place earlier this week after the conclusion of the vote among the network validators with a 65% approval rate. The holders of LUNA and TerraUSD as a US dollar-pegged stablecoin are eligible to receive new LUNA tokens in a vested manner based on the previous holdings. This will allow older holders to regain some of their lost investment value while still incentivizing usage of the new blockchain.

The wallets with more than a million LUNA or UST prior to the UST de-pegging from the US dollar will have to wait a year before receiving any tokens with a four-year vesting period so the new tokens will be automatically distributed to existing user wallets. The popular applications from the blockchain will continue as Terra classics after Terra 2.0 migrates to the new blockchain. The governance vote on Terra’s proposal 1747 to burn 1.3B UST passed on Thursday and the move reduced the supply by 11% of the current supply of 11.28 billion.

terra resulsts
Vote results for Terra’s revival plan. Source Terra Station.

Terra’s UST tokens saw a bank run earlier this month which caused prices of new tokens to drop to as low as 7 cents which caused a loss of trust in the Terra ecosystem among the investors and the prices of LUNA tokens failed by 100% with the DEFI application losing upwards of $28 billion in locked value.

Polygon Studios CEO Ryan Wyatt shared on Twitter that Polygon is a sidechain built to compliment and help scale Ethereum and launched a multi-million dollar fund called the Terra Developer Fund and help Terra projects move from the failed blockchain onto Polygon. Two and a half weeks ago, the Terra blockchain and the UST stablecoin lost its peg to the dollar after major withdrawals were made from Anchor and Terra promised a 20% return from staking so the Luna Foundation Guard tried to help support the system.

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