Loading ...The Genesis of Terra 2.0
One disastrous month and a last-ditch proposal later, Terra is apparently coming back from the dead.
Terra 2.0 is set to launch at 6:00 UTC on May 28, with the airdrop of new LUNA tokens occurring at the same time. Already, notable centralized exchanges such as Binance, Huobi, and FTX have confirmed they’ll take on the resurrected token. However, major player Coinbase will not be taking part.
Prop 1623 passed 65/35 on Thursday, pulling in a whopping 305m votes. A snapshot of the blockchain will now take place, which basically means Terra is gonna work out who was holding LUNA before the crash in order to distribute the new tokens fairly. Post-crash holders will also be given tokens, albeit in proportion with the supply – so not the 500k they bought for $20.
What will Terra 2.0 look like? Terra has said projects on its 1.0 blockchain will be bridging over, while the supply on launch will be only around 120m. Due to the adjustment, LUNA whales may have to wait before getting their cut –100k+ LUNA wallets will initially be airdropped only 30% of their tokens, while wallets holding over 1m will have to wait a year.