Terra Team completes Terra 2.0 and new LUNA Airdrop date
May 28, 2022
As part of its roadmap, the Terra team announced that Terra 2.0, which is currently in test version, will be fully released on May 28 and the LUNA airdrop will take place. The long-awaited day for Terra Luna has finally arrived. Investors are eagerly waiting for Terra’s new project.
After Terra Team announced the date of Terra 2.0 and the new LUNA Airdrop as May 28, investors began to be very curious. The Terra Luna team, who made a statement on Twitter, is thought to have come to the end of a great work and investors will love this project even more.
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Terra 2.0 and the new LUNA Airdrop
The largest crypto exchanges by trading volume so far have announced that they will support the Terra 2.0 network and the upcoming airdrop. These crypto exchanges include Binance, Kraken, Huobi Global, Bitrue, Bybit, HitBTC, Okcoin, OKX, Gateio, KuCoin, LBank, Crypto.com, FTX, Bitfinex, Bitget and MECX Global.
Four groups have been created for the LUNA airdrop. These groups are; pre-collapse LUNA, pre-collapse UST, post-collapse LUNA, and post-collapse UST areas. The Terra team determined the pre-collapse period as before May 7th. For the snapshot to be taken for the post-collapse period, Terra 2.0 was determined as 28 May, the day of its release.
1/ Yesterday, we said Terra 2.0 is coming. Tomorrow, it arrives.
The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.
The launch of Terra 2.0, which came into our lives as a plan to revitalize the Terra Blockchain ecosystem, is taking place today. The Terra team shared the LUNA airdrop calculation logic ahead of the launch.
Distribution set for new LUNA airdrop
The distribution rates to be made to 4 different groups were determined as follows.
Those with LUNA before the collapse: 1:1.1
Those with UST before the collapse: 1:0.033
Those with LUNA after the crash: 1:0.0000015
Those with UST after the collapse: 1:0.013
According to the new LUNA distribution program, investors will first receive 30 percent of their vesting amounts and these tokens will remain locked for 21 days. The remaining amount is expected to be distributed in 2 years. While the Terra team stated that investors do not need to make any application for the airdrop, it was stated that the deserved tokens will be automatically transferred to Terra wallets.
1.3 billion UST will be burned
Another significant development for the Terra ecosystem was the Terra governance system’s approval of its plan to burn 1.3 billion UST tokens. The amount of UST to be incinerated corresponds to about 11 percent of the total supply.
In the first days of May, the algorithmic stablecoin UST, which is fixed to 1 dollar, lost its stability and regressed to $ 0.04.
The UST’s decision to burn comes just after the Terra network rebirth and approval for the issuance of new LUNA tokens.
What is LUNA Airdrop Calculation Logic?
As part of the move to Terra 2.0, the team stated that the new LUNA tokens will be airdropped to holders of LUNA (now called LUNC) and UST (now called USTC) and AUST, which were also outlined in the Terra Ecosystem Revival Plan. explained more details about it. Total LUNA supply is announced as 1 Billion, with pre-attack snapshot height: 7544910 (2022–05–07 14:59:37 UTC) and post-attack snapshot height: 7790000 (2022–05–26 16:38:08 UTC) specified as.
The Terra team also divided the LUNA token distribution into four groups as pre-crash LUNA, pre-crash UST, post-crash LUNA, and post-crash UST. The Terra team also noted that these four groups were created based on when the said tokens were acquired with the onset of the LUNA and UST price crash for reference.