After the community voted in to have the terra ecosystem essentially forked without the algorithmic stablecoin, the team has now revealed the launch date for the protocol and the LUNA airdrop.
Terra 2.0 is Launching on May 28th
As CryptoPotato reported yesterday, Terra 2.0 has been agreed upon and voted in by the community with a majority.
One of the key differences between the protocol-to-be and its previous iteration is that the team will not be creating an algorithmic stablecoin in a bid to prove that Terra’s ecosystem is “more than just UST.”
In an official Twitter thread, the team revealed further details, including the date for the airdrop, when were the snapshots taken, and when the new protocol will launch.
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 first block of the new chain will be produced “following a supermajority of interconnected validators running simultaneously.” Per the thread, the block explorer, as well as Terra Station, and the feeder of dApps (Terra Observer) will all be fully functional once the chain is up and running.
What About the LUNA Airdrop?
Undoubtedly one of the most commonly discussed topics of late is the airdrop to LUNA and UST holders as a means of compensating them for the losses incurred during this month’s fiasco.
According to a Medium post, eligible holders of LUNC (Luna Classic), USTC (UST Classic), and aUST – will receive the LUNA airdrop on the new chain upon genesis.
Per the post:
The amount of LUNA you will be eligible to receive will be determined by the types of tokens you held on the Terra Classic chain, the time period that you held these tokens (based on Pre-Attack and Post-Attack snapshots), and the quantity of tokens held.
The two snapshots in question were taken as per the following schedule: