Terra’s previously announced recovery plan was announced to have just been announced despite opposition from various quarters. 65.5% of holders decided to approve the move.
Under the proposal, the Terra 2.0 blockchain will now be officially launched on May 27, starting with the awarding of a new LUNA token airdrop to Terra LUNA 1.0 holders.
Terra validator Orbital Command also informed via Twitter account that testnet for Terra 2.0 has now started operating.
1/10 If you haven't heard, Terra 2 testnet is live. Mainnet goes live Friday. It's happening!
How much of an airdrop will I get? What is the point of Terra 2? What protocols will be participating?
Everything you need to know about Terra 2. 🧵👇
- Orbital Command (, 🌔) (@orbital_command) May 24, 2022
Beginning May 27, airdrops will be distributed between large and small holders of the old LUNA based on management agreement. The airdrop provision also includes the LUNA holder before the system collapse as well as the LUNA holder after the system collapse. However those who hold before the event will receive more airdrop tokens.
65.5% of LUNA holders chose to support Terra 2.0 approval. About 83.3% of LUNA’s total of 305.98 million holders took part in the polls. Of that number, nearly 21% did not vote, while over 13% voted against the move.
The founders of Terra Do Kwon and Terraform Labs (TFL) recently said they are collecting data from major crypto exchanges for airdrop grants. LUNA and UST holders on all platforms are for airdrop reception.
TFL and Kwon stated they would not be involved in Terra 2.0, with their wallets exempt from airdrop grants. The new blockchain will be entirely “community owned”.
So far it is not clear how the new LUNA will be traded. A string of those collapses, most major exchanges have removed UST and LUNA from the list.
Terra is said to be facing difficulties in listing the new LUNA on South Korea’s major crypto exchanges. Reports from local media suggest that most of the country’s major crypto exchanges are opposed to the listing of the new tokens. At the same time Kwon and TFL are also facing investigation.
