Terra Luna 2.0 Launch Confirmed – Binance Promises Recovery for Affected Users.

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Cryptonks Reported Terra 2.0 announcement few days Ago and The polls for Rebirth Terra Network’s 1623 plan are now closed, and it was selected as the winner by 65.5 percent of voters. There is a possibility that blocks will occur in the Terra 2.0 snapshot starting on Thursday, May 26, 2022 at 16:20:00 UTC.

Terra Luna 2.0 Details

As per Today’s Announcement, If there is no algorithmic stablecoin, it will work much like the creation of a new Terra chain. ‘ Terra Classic (token: $LUNC) will be renamed Terra (token: $LUNA), and the new chain will be renamed Terra. A few hours after the Launch snapshot completes its execution, the chain upgrade will begin.

LUNA Airdrop Details

$LUNA will be given away in the form of an airdrop to those who staked $LUNA Classic, those who now possess $LUNA Classic, those who hold leftover $UST, and Terra Classic critical app developers.

The token allocation information is included in the governance plan, but to recap it all:

  • pool for the community: thirty percent
  • Prior to the attack, $LUNA holdings accounted for 35 percent
  • 10 percent of those who were holders of aUST prior to the incident
  • After the attack, holders of $LUNA made up 10% of the total.
  • After the attack, holders of $UST accounted for 15 percent

An important part of Terra’s token distribution is earmarked to help existing Terra dApp developers get their projects off the ground and match their interests with the long-term health of the ecosystem, as shown in the proposal.

Binance Assures Recovery Plan for LUNA Holders.

Terra Luna Announced they are working closely with CEX partners, such as @binance, @bybit_official and many others, to support the airdrop to our community members who held tokens on exchanges.

While After The Terra 2.0 Official Announcement, Binance tweeted –

The Terra community just passed a vote to ‘Rebirth Terra Network’.

We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.

Huobi Announced Support for Terra 2.0

Huobi Announcement Tweet