Almost three weeks after the Terra blockchain collapsed and TerraUSD lost its peg to the dollar, a new iteration of the Terra blockchain is set to launch, dubbed Terra 2.0 or Luna 2.0. A new Luna coin will also be minted in the process. Here’s what you need to know.
- What is Luna 2.0? It’s a fork of the original Luna blockchain, which will see the launch of a coin named Luna.
- Doesn’t the Luna coin already exist? Yes, but the old Luna coin, which became virtually worthless earlier this month, will be renamed Luna Classic and traded under the ticker LUNC, reports Bloomberg. The new Luna coin will trade under the LUNA ticker.
- What about the airdrop? An airdrop, in crypto terms, is when coins are given away for free–usually for promotional purposes to generate interest in the coin. The new Luna will airdrop to existing owners of the old Luna coin (now Luna Classic) and to the owners of TerraUSD, which lost its peg to the dollar, leading to its collapse.
- How much new Luna will I get in the airdrop? Per a Medium post on the issue: “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.” Check out the post for detailed examples.
- When is the Launch? According to the @terra_money Twitter account, it will launch tomorrow, May 28th, 2022, at 6 a.m. UTC (2 a.m. EST).
- Anything else to know? After the spectacular collapse of TerraUSD and the original Luna a few weeks ago—which wiped out people’s life savings—many are wondering why anyone would give this new iteration a chance. Add Mark Cuban to that list: The billionaire and avid crypto investor told Fortune he’ll not be investing in the new Terra chain. When asked if he would invest, he answered a simple, “No.”
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.
— Terra ???? Powered by LUNA ???? (@terra_money) May 27, 2022