- On May 27, 2022, Terra 2 will be launched as a new blockchain.
- The airdrop is open to investors holding shares in one of the seven eligible UST and LUNA baskets.
- This is likely too little too late as crypto markets are in full bear mode.
The Terra network is still being worked on behind the scenes in the hopes of reviving it. Meanwhile, the second iteration of the blockchain, as reported by CoinQuora, is set to go live on mainnet this week.
The Terra proposal to restore the collapsed ecosystem by forking the blockchain and starting again with new tokenomics has a lot of momentum and support, especially from people who lost a lot of money in UST and LUNA’s failure.
According to Terra Station data, the proposal received 65% of the vote, or roughly 200 million votes, with around 2% or 54 million abstaining and about 13% or 41 million voting nay. The votes are cast based on the ownership of LUNA tokens, with one vote per token rather than every user.
Three modifications have been made to the plan since last weekend, affecting people who held tokens before and after the “attack.” There will be no hard fork, according to the official Terra Twitter account, but there will be a new genesis blockchain for Terra 2.
On May 25, Terra validator Orbital Command tweeted a lengthy post detailing the specifics of the Terra 2 network, indicating that it will be live on Friday, May 27. Terra will airdrop tokens to community members who never sold their former LUNA tokens or UST stablecoins throughout the ecosystem’s collapse, according to the proposal’s parameters.
Nebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth, and Coinhall are among the projects that have already expressed interest in working with Terra 2.
The massive Terra recovery plans, on the other hand, have come too late for the wider crypto market since sentiment is now firmly in bearish territory. Since the start of the year, the stock market has lost 43% of its value, amounting to $1 trillion in value, leaving the market as another extended bear cycle begins.