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Terra’s accident was an unprecedented disaster. The top ten project lost 99 percent in just one week in early May. The team of the controversial founder Do Kwon now wants to save the cryptocurrency: with the birth of Terra 2, a new blockchain.
The controversial relaunch will take place this Saturday, May 28. The team compensates Terra’s damaged small investors through Aidrop. They get the new token in their virtual wallets. It is said that it will carry the Terra ecosystem in the future.
Let’s briefly clarify the most important questions: What will change as a result of Terra 2? Who is eligible for compensation and how do I calculate my shares? Which Crypto Exchanges Support Airdrop? What happens if I don’t store my coins on an exchange?
1. What will change with Terra 2?
The new blockchain bears the old name: Terra (Moon). The testnet went live on Wednesday and the mainnet will go live on Saturday. The current blockchain continues to function under the name Terra Classic (LUNC). With the relaunch, the team is parting ways with the algorithmic stablecoin, UST. Its controversial operation led to the project’s rapid rise and fall. You can find all the background information here.
Do Kwon and his team have to prove that their ecosystem can function without UST. The founder is also threatened with being tried in his home country, South Korea. He has also started a battle for the developers of the ecosystem. The Polygon platform is currently courting them with a “multi-million dollar fund” to switch to Ethereum.
2. How does the Saturday airdrop work?
The exact launch time is not yet known, but the process is. All Terra Classic and/or UST owners will have the new Terra token sent to their virtual wallets. Only 30 percent of the total compensation will be distributed on Saturday.
Investors will receive the remainder of the airdrop at regular intervals over the next two years. These tokens are staked on the new network for “security reasons.” Owners are rewarded for staking in the form of newly generated tokens.
3. Who is eligible for the airdrop and how do I calculate my compensation?
In a Medium blog post, the team explains all the financial details of the airdrop. You can read it here.
The team assigns investors according to various criteria. Decisive for the eligibility for the airdrop and the amount of individual compensation is the amount of time one had Luna or UST and the amount of tokens.
There are basically two groups: before and after the “attack” on the network, dated May 7 (before) and May 27 (after). All specific details about the conditions can be found in this team table.
Some explanations: “Snapshot” groups the holding period (before or after the attack), “Asset type” the type of token (Luna or UST), “Amount in wallet” the number of tokens and “Vesting” the compensation period. “Unlocked at genesis” means you get tokens directly for relaunch. “Awarded” means that the remaining tokens are distributed in smaller amounts over a certain period of time. The cliff is the waiting period between the first relaunch payment and subsequent compensations.
Example based on the first line: Anyone who had less than 10,000 moon before the attack (instant and amount) gets 30 percent directly for recast (unlocked at genesis) and 70 percent for two years (purchased) after a waiting period (cliff). ) of six months.
You can calculate your individual case with this calculator: https://terrarity.io/luna-airdrop.
4. Which Crypto Exchanges Support Airdrop?
According to Terra, these major crypto exchanges are supporting the relaunch: a little up, binance, octopuses, FTX Y gate.io. More could follow in the next few hours. If you hold your tokens on these exchanges, you will automatically get your airdrop. Find out about the respective conditions and the process directly from the stock exchanges. Most have posted information about this on their websites and on Twitter.
5. What should I do if I store my coins directly in the Terra wallet?
If you have your coins in the Terra Station Wallet, you don’t have to do anything. It is enough if you register with the same seed on the new mainnet (Phoenix-1) after the relaunch. The seed generates the same address as the old blockchain. Your share of new tokens will be sent there.
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