IS TERRA REALLY COMING BACK? (TERRA 2.0) - 10% to @steem-database
Hello everyone and welcome to my blog.
It's been over two weeks since the unfortunate incident of UST unpegging which led to the crash of the algorithmic stable coin and its sister token LUNA.
You can refer to my previous articles for more details about the crash. UST is unppeged and Luna crash
The LUNA community has requested different solutions to save the Terra environment following the collapse of the Terra ecosystem's stablecoin.
Among these, the approval of Proposal 1623 which talks more about developing a new Terra chain in the absence of UST. This proposal has made significant headway in saving the Terra ecosystem by establishing a new chain and airdropping its new tokens to Terra ecosystem users.
The Terra ecosystem has overwhelmingly approved Proposal 1623, which calls for the creation of a new blockchain. The idea proposes to resurrect Terra Network by simply creating a new layer-1 Terra blockchain without its algorithmic stablecoin.
The previous chain will be renamed Terra Classic, and its native token will be renamed Luna Classic - LUNC, according to Proposal 1623. Terra is the name of the new chain, while LUNA is the native token.
Additionally, the new LUNA token will be airdropped to Luna Classic stakers, Luna Classic holders, residual UST holders, and Terra Classic necessary software developers.
You can read more on Proposal 1623 by clicking here
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Terra 1.0 is the first version of Terra. The Terra Ecosystem Revival Plan 2 plan is based on the revival plan of Do Kwon, the Terra protocol's founder and CEO. It aims to create a new Terra chain with no algorithmic stablecoin protocol and no ties to the UST stablecoin. It also stated that its mainnet is set to launch on May 28, 2022, and that the Terra 2.0 Genesis block will be generated afterwards.
Most of the prominent Terra Classic projects, such as Astroport, Prism, RandomEarth, Spectrum, Nebula, and others, will be migrating to the new chain (Terra 2.0) as the community migrates.
Terra 2.0 will replace the current Terra 1.0 version. The old chain (Terra 1.0) and its token (LUNC) will not simply vanish.
- TERRA 1.0 vs TERRA 2.0
Terra Classic is the name of the old Terra chain (token: Luna Classic - LUNC). Terra will be the name of the new chain (token: Luna - LUNA).
LUNC and LUNA have a similar relationship to ETC and ETH. Ethereum Classic is the name of the Ethereum network's older chain, and ETC is its native token. Ethereum is the name of the new chain, and ETH is its native token.
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Qualified users will be eligible for the new LUNA airdrop amount, which will be decided by the sorts of tokens (Terra 1.0 native token LUNA, which has been renamed as LUNC, and TerraUSD (UST), which has been renamed as USTC) they possess on the Terra Classic chain.
The quota for the upcoming LUNA airdrop will be determined by the period and number of these tokens retained (based on Pre-Attack and Post-Attack snapshots).
- Pre-Attack and Post-Attack snapshots
| Snapshots | Time | Blockheight |
|---|---|---|
| Pre-Attack | 7th May, 22:59:37 +08:00 | 7544910 |
| Post-Attack | 27th May, 00:38:08 +08:00 | 7790000 |
The Luna team has finally come up with a possible route of getting the ecosystem back on track but this wasn't what most people espected as majority were expecting a fork to be made from the existing Luna but currently it is obvious that entirely new Terra chain is being developed and it will be entirely independent of an algorithmic stable coin which makes it entirely different from the formal Terra chain.
The whole information is still quite vague and untill the new project is officially launched I will suggest we all keep calm and wait in other to avoid making mistakes.
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Terra is definitely not coming back, the new LUNA2.0 doesn't have any usecase or any innovation or any solid project compared to the first LUNA now known as LUNC, so what I see now is just a pump and dump token.... Traders and signals callers will use it for pump and dump.
I hope investors don't fall for the new LUNA because for me it's definitely a failed project
Yeah my article was made prior to the listing and I made it clear that we should keep calm and wait in other to avoid making mistakes.
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