All You Need To Know About Terra 2.0 and the LUNA Airdrop

2022/05/27 11:36:09

After the collapse of the stablecoin of the Terra ecosystem, the LUNA community has proposed various methods to rescue the Terra ecosystem. Among them, the passage of the Proposal 1623 brought substantial progress to rescue the Terra ecosystem by creating a brand new chain and airdrops its new tokens to the users of the Terra ecosystem.

This article will walk you through everything about Terra 2.0 and its Airdrop.

What is Proposal 1623？

With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain. The proposal will effectively create a new layer-1 Terra blockchain without its algorithmic stablecoin, which aims to the rebirth of Terra Network.

According to Proposal 1623, the old chain is to be called Terra Classic, and its native token will be renamed Luna Classic - LUNC. And the new chain is to be called Terra, and its native token is named LUNA.

In addition, the new token LUNA will be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.

What is Terra 2.0？

Terra 2.0 is a brand new blockchain and not a fork of Terra 1.0. Based on the revival plan of the Terra protocol founder and CEO – Do Kwon, the Terra Ecosystem Revival Plan 2 plan aims to create a new Terra chain that won’t have an algorithmic stablecoin protocol and severs ties to the UST stablecoin. In addition, it reported that its mainnet is expected to go live on May 28, 2022, and the Genesis block of Terra 2.0 will also be generated later.

As the community migrates to the new chain (Terra 2.0), most of the popular Terra Classic projects will be joining them, including Astroport, Prism, RandomEarth, Spectrum, Nebula, and many others.

Terra 2.0 will replace the existing version of Terra 1.0. However, the old chain (Terra 1.0) and its token (LUNC) won't just disappear. They will co-exist.

Terra 1.0 (LUNC) vs Terra 2.0 (LUNA)

The old Terra chain is called Terra Classic (token: Luna Classic - LUNC). And the new chain is to be called Terra (token: Luna - LUNA). The relationship between LUNC and LUNA is just like ETC and ETH. The old chain of the Ethereum network is named Ethereum Classic, and its native token is ETC. The new chain is named Ethereum, and its native token is ETH.

About the Airdrop

For the airdrop amount of the new LUNA, the qualified users will be eligible to receive; it will be determined by the types of tokens (Terra 1.0 native token LUNA, which is now renamed as LUNC, and TerraUSD (UST), which is now renamed as USTC) they hold on to the Terra Classic chain. And the period and the quantity of these tokens held (based on Pre-Attack and Post-Attack snapshots) will determine the quota of the new LUNA airdrop.

The Pre-Attack and Post-Attack snapshots are as follows:

Based on the latest official statement from Terra, to get the LUNA airdrop, users will be eligible if they meet the requirements below:

At the Pre-Attack snapshot, the users hold:

· LUNA (including staking derivatives)

· Less than 500k aUST (UST deposited in Anchor)

And/or at the Post-Attack snapshot, users hold:

· LUNA (including staking derivatives)

· UST

For further information about Migration and Airdrop, please refer to Terra 2.0 — LUNA Airdrop.

As the world-leading crypto exchange, KuCoin supports the LUNA Migration and Airdrop. Learn more details from the KuCoin official announcement.