- Following a 65.5 percent vote for a LUNA fork proposal, an Ecosystem Revival Plan II effort has been triggered which will not include the algorithmic stablecoin UST.
- Terraform Labs co-founder Do Kwon and Terra Labs have objected to the claim that this would be a hard fork.
Following a 65.5 percent vote for a LUNA fork proposal, an Ecosystem Revival Plan II effort has been triggered which will not include the algorithmic stablecoin UST. The effort is already underway as the LUNA 2.0 testnet has gone live expecting the launch of the mainnet. This is said to be completed on May 27 with the snapshot happening today, May 26. This was announced by a validator called Orbital Command meant to educate the Terra community.
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.
Terraform Labs co-founder Do Kwon and Terra Labs have objected to the claim that this would be a hard fork. According to them, this will be a new blockchain that will start at block 0 while the LUNA classic is abandoned. Unlike a typical hard fork, LUNA would not have any common history with the previous chain.
LUNA 2.0 airdrop to all holders
The pre and post-LUNA and UST holders would not be ignored in the process as a fixed amount of the 30 percent of the new tokens would be awarded to them. It was explained that people who hold 1000 UST (post-attack) on May 27 would get 0.013 times. In this case, they would get 13 new LUNA tokens.
Pre-attack LUNA – 1 : ~1.1
Pre-attack aUST – 1 : 0.033
Post-attack LUNA – 1 : 0.000015
Post-attack UST – 1 : 0.013.
Also, users would have to wait for 21 days to transfer the tokens as they would be in a bonded state. Despite criticisms from part of the crypto community, several exchanges have announced their support for the new LUNA token.
Binance CEO Changpeng Zhao was one of the key players who strongly criticized the Terra founder for the impact on the entire crypto ecosystem. However, the exchange has disclosed support for the recovery plan for the sake of the existing UST and LUNA holders.
The Terra community just passed a vote to ‘Rebirth Terra Network’.
We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.
— Binance (@binance) May 25, 2022
The likes of Huobi, Bitfinex, Bitrue, HitBTC, and FTX have all announced their support for the token.
— Huobi (@HuobiGlobal) May 26, 2022
Recently, a news outlet in South Korea, Heraldcorp, published that Do Kwon is in talks with some of the top exchanges in the country to list the new token. However, the Terraform Labs co-founder has denied establishing any contact. He was initially accused of boasting in an old video that he had a “kill switch” for the Terra network.