After one of the worst crypto crashes in history earlier this month, it appears that Do Kwon and his crew have finally arrived with their Terra Ecosystem restoration plan. According to the statement, Terra 2.0, a new chain, will be introduced on Friday, May 27.
“The Terra ecosystem has voted to pass Proposal 1623, calling for the birth of a new blockchain,” according to the release. The original blockchain will be split apart, with the previous chain being dubbed Terra Classic, according to the planned plan. Terra will be the name of the new blockchain, which will be free of algorithmic stablecoins.
Likewise, the old Luna token will be known as Luna Classic (LUNC), while the new token will be known as LUNA. Do Kwon and his team have determined that on Thursday, all holders of the previous LUNA and UST cryptos would receive the new cryptocurrency via an airdrop. The verification of participants will be based on snapshots of the previous Terra network.
Terra has said, however, that because of technical limits, all LUNA and UST holdings on Terra will not be included in the snapshot. Users having UST or LUNA bridges off of Terra should bridge back to the Terra blockchain if they want to be included in the post-attack snapshot.
On CW3 multi-sig contracts, the snapshot will also exclude UST and LUNA. There will be some edge situations, despite the fact that it will strive to incorporate the majority of the UST or LUNA.