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LUNA Airdrop 2.0 | Do Kwon desperate attempt to revive the empire?

Paras Katoch

LUNA is back with a bang with LUNA 2.0 airdrop. As covered in the recent post on LUNA crash, Terra LUNA suffered a major loss of value on 11th May 2022. From being valued at over $100 per token to falling below $0.10 within 3 days. Terra collapse has been registered as the worst crash in the history of the crypto market, resulting in the loss of faith, users had in UST stablecoin.

LUNA & LUNC

The event questioned the legitimacy of the Terra ecosystem and the leadership of Do Kwon (CEO of Terraform Labs) in managing the Terra project. It has been reported that Changpeng Zhao Binance founder reportedly lost $1.6 billion while the Terra investors lost a combined wealth of $40 billion in the crash.

Do Kwon

Like a Phoenix, LUNA is born again with new gameplay proposed by the founder Do Kwon. Let’s find out what it has in store for you –

LUNA 2.0 Revival Plan:

Terra revival plan will abandon the UST stablecoin which indicates the creation of a new Terra chain without the algorithm used to mint stablecoin running its ecosystem. The new launch may sound similar to the fork of Ethereum from Ethereum Classic to Ethereum network after the DAO hack.

The old chain is to be called Terra Classic (LUNC) & the new chain to be called Terra (LUNA)

The Terra community has agreed to Do Kwon’s proposal, calling for the creation of a new Terra blockchain and moving away from the stablecoin driven ecosystem. The proposal includes new LUNA airdrops which is exciting news for the investors holding LUNA during the crash and showing support to the Terraform Labs.

Terra 2.0 will discard the history of transactions from the old algorithmic blockchain (Classic) and all LUNA tokens (apart from airdrops) will be automatically staked to the validators to preserve the network security. The staking rewards (target 7% p.a) will continue in a similar fashion.

Checkout the complete revival plan.

LUNA Airdrop:

LUNA will airdrop the new LUNA tokens to LUNC holders. It will be airdropped to Classic holders, stakers, UST holders & Classic app developers. The new Terra network will be a fully community-owned chain.

TFLs’ wallets will be removed from the whitelist for the airdrop

LUNA will rely on snapshots taken of the old Terra network for verifying participants for airdrops. Details are summarized below –

Exchanges Supporting LUNA Airdrop:

Popular exchanges like Binance, Huobi, Bitfinex & FTX are the leading platforms supporting LUNA airdrops. The complete list of supporting platforms is shared below –

Coinbase is not supporting the listing of Terra 2.0 on its exchange

This completes the initial launch details of LUNA airdrop 2.0. In the next post, I will talk about adding networks to the MetaMask wallet & Indacoin review. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.

DISCLAIMER:

Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.

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