Terra Receives Second Chance, Set to Airdrop Luna 2.0 as New Blockchain Goes Online

The latest Terra blockchain went online just yesterday, and it is currently producing blocks. The latest- blockchain is targeted at resuscitating; the Terra community following the crash of TerraUSD recently. This crash saw Terra lose about $40bn in worth.

After the recent Terra wreck, Terraform put forward a new blockchain. It was after some days that the suggested blockchain was authorized for Terraform’s CEO to install. Many blockchain applications has been moved to this new blockchain.

What’s New?
Before the initiation of the new blockchain, it was balloted that the name of the network should be “Terra Classic”. Also, to properly place the newly initiated crypto (Terra 2.0) as the major network. Different from the previous version, the latest Terra blockchain doesn’t have a stablecoin. However, both the latest version of LUNA and the initial LUNA Classic will be bought and sold separately.

The Reward for Patience and Commitment
The most interesting feature of the newly initiated crypto is the airdropping of the new crypto: LUNA 2.0. This latest version of the LUNA will be airdropped to all users on the Classic blockchain. Users on the previous blockchain will be receiving seventy percent of all the crypto. The volume of the LUNA 2.0 to be given to each user on the classic chain will vary, based on if they have been holding crypto prior to or after the TerraUSD crash.

How the Rewarding Will Be Done?
It is necessary to note that it isn’t the entire volume of the airdropped crypto that will be available for claiming. Just thirty percent of the new crypto will be available for claiming, while the leftover seventy percent will be kept with validators to guarantee network safety and those who will invest in the network for over two years.

Aside from the 700 million cryptos divided between the two types of investors, Terra’s community pond will get 300 million of the crypto on the new blockchain. The Terra overseeing controls the Terra community pond to pay for development projects. Out of the overall pond amount, 30 million are dedicated to engineers that choose to stay and rebuild the blockchain.

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