We've all heard about it, the collapse of LUNA and UST has caused a stir and shaken the crypto market as a whole. Many investors were left with significant losses.
Is Terra 2.0 a hope?
The Terra team continues its relentless efforts to revive its ecosystem, which has been ravaged by an unprecedented crisis. Last week Terra unveiled its 2.0 version and launched an airdrop of LUNA, which will thus repurpose the old token, now LUNC, for classic Luna.
Terra's "1623 proposal" to revive the ecosystem with a blockchain fork and new tokenism has generated a lot of interest, especially from those who have suffered heavy losses due to the collapse of UST and LUNA.
The team ensured that a distinction was made between those who held the tokens before and after the "attack" regarding the airdrop. On its official Twitter page, Terra also revealed that Terra 2.0 would not be a hard fork, but rather the creation of an entirely new blockchain, of 0.
How does the airdrop work?
Here are the exact details of how the airdrop will take place:
- 35% of the original tokens will be distributed to all LUNA holders before the crash. This means that no less than 350 million of the new LUNA will be reserved for those who bought the tokens before May 7, and kept them even during the crash. Portfolios with less than 10,000 LUNA will receive 30% of their share immediately, and 70% will be returned gradually over two years.
- 15% of the LUNAs will be reserved for people who held aUSTs before the crash.
- 15% of the initial tokens of the new chain will be reserved for those who bought USTs after the May 7 collapse.
- 10% of the new LUNAs will go to those who bought LUNAs after the collapse, and will be returned gradually over a two-year period.
- Finally, the remaining 30% will go to the community, to support the efforts of dapp developers.
Conclusion
If you were holding LUNA before the collapse, you now know what to expect regarding the airdrop. If you didn't have any and bought them after the collapse, you now own LUNCs, which will continue to coexist with the new LUNAs.
As for the question of the success of this rescue, unfortunately this is something we will have to wait and see, no one can say in advance and it will also depend on the overall state of the market.
