Terra 2.0 proposal gets the crypto community’s nod of approval but that’s not all

blockchain Provident Align Luna Crypto NOT

27.05.2022 - 02:27

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Pretty much the entire crypto community is well-aware of the Terra (LUNA) fiasco. Overall, investors lost more than $400 million as the Terra ecosystem hit rock bottom. But what about a recovery plan? There aren’t many discussing this step.

Terra and the team had launched a new proposal to revive the dead network from its grave. Fortunately, the proposal has passed with 65.5% of the total votes supporting it.

Source:station.terra.money

This incorporated Do Kwon’s proposal to relaunch the Terra blockchain and create LUNA 2.0 tokens. This will result in the creation of a new blockchain that will airdrop tokens proportionally to those affected, following the collapse of the TerraUSD (UST) algorithmic stablecoin.

Terra 2.0 will have its native staking token, LUNA, airdropped to its community, as described in Proposal 1623. Upon Genesis on 27 May, eligible holders of LUNC, USTC, and UST will be airdropped LUNA on the new chain. The proposal allocated a large portion of the token distribution to provide a runway for existing Terra dApp developers. Even to align the interest of developers with the long-term success of the ecosystem.

<p lang=«en» dir=«ltr» xml:lang=«en»>6/ Token distribution details can be found in the governance proposal, but to summarize: ● Community pool: 30% ● Pre-attack $LUNA holders: 35% ● Pre-attack aUST holders: 10% ● Post-attack $LUNA holders: 10% ● Post-attack $UST holders: 15%

— Terra