The abrupt failure of the Terra ecosystem has sent shockwaves throughout the cryptocurrency community over the past couple of weeks. After its algorithmic stablecoin, UST, lost its dollar parity, everything came crashing down, and many investors were left with nothing as LUNA quite literally fell to $0. This left many investors with nothing to show for their investments.
According to the terms outlined in Proposal 1623, the community of Terra will receive an airdrop of the native staking token known as LUNA. After the Genesis event, which will take place on May 27th, 2022, eligible holders of LUNC, USTC, and aUST will get LUNA on the new chain as an airdrop.
The upcoming LUNA airdrop and the manner in which it will be delivered to owners of LUNC tokens is unquestionably one of the most popular subjects of conversation right now.
To summarize, the following is how the distribution is broken down:
In addition to this, the wallet associated with Terraform Labs (TFL) will be removed from the whitelist for the next airdrop, the goal of which is to make “Terra a wholly community-owned chain.”
If you meet the following criteria, you will be able to participate in the LUNA airdrop:
The amount to which you are entitled is determined by a number of criteria, including the following:
The vast developer pool and active LUNAtic community that helped Terra Classic become the second largest smart contract blockchain behind Ethereum will be inherited by the new Terra network when it launches. As the community moves to the new chain, the majority of the well-known Terra Classic projects will follow suit and join them, including the following:
Terra, which will be the entrance to the larger Cosmos environment and other ecosystems beyond, will be constructed with interoperability in mind. The original version of Luna will not be entirely eradicated; rather, it will continue to operate in parallel with the updated Luna 2.0. The previous version of Luna, which has since been rebranded as Classic, and UST token holders will each receive a portion of the 1 billion newly created tokens.
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