Behind-the-scenes efforts are still ongoing in the hopes of revitalizing the cornered Terra network, with the second iteration of the blockchain kicking off on mainnet this week.
Terra Proposal 1623, which seeks to revive the collapsed ecosystem by forking the blockchain and starting over with a new tokennomics, has garnered a lot of support and support, especially from those who suffered heavy losses from the downfalls of UST and LUNA.
last weekend three Modify Proposals were made to affect those holding tokens before and after the “attack”. The official Terra Twitter channel also states that there is no hard fork, but Terra 2 will be an all-new Genesis blockchain.
On May 25th, the Terra validator ‘Orbital Command’ published a lengthy post analyzing details about the Terra 2 network, announcing that the new chain would be active on Friday, May 27th.
Who gets what?
According to the validators, the Terra 2 native asset is LUNA, the old token is LUNA Classic, and the 4 groups are eligible for the airdrop of the new token.
These are the investors who held both LUNA and UST before the “attack” and those who bought both tokens after the ecosystem started to collapse. The pre-collapse snapshot was taken on May 7th and the post-attack snapshot was taken on May 27th.
Before the attack, LUNA holders will receive a very close 1:1 airdrop, while those who bought their tokens after the collapse will receive 1:0.000015 (LUNA currently trades at $0.00016).
UST holders get 1:0.033 with people holding stablecoins before being dumped from the peg, and a much worse deal with people who buy after getting 1:0.013 (UST is now $0.067).
For example, someone with 1,000 UST on May 27th will airdrop 13 new LUNA tokens, and someone with existing LUNA on May 27th will receive 0.15 new LUNA tokens for every 10,000 LUNA they hold. Only about a third of all airdrops occur on Fridays.
“You get 30% of the airdrops on Genesis (May 27th) regardless of category, and the rest goes linearly to the 6-month cliff over 2 years.”
Airdrops also occur as “bonded”. This means that there is an unbonding period of 21 days before the transfer is possible. It was this uncoordinated delay that caused thousands of investors and stakers to lose millions of dollars when the system collapsed.
It’s too late to prevent a crypto winter.
Several projects have already promised support to work with Terra 2, including Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth and Coinhall.
However, with the current sentiment firmly entrenched in bearish territory, the Grand Terra revival plan came too late, too late for the entire crypto market. The market is down 43% since the beginning of the year, which is worth $1 trillion leaving room for another long bearish cycle.
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