Terra (LUNA) Community Announces Surprise Airdrop of Terra 2.0

Terra (LUNA) is announcing the airdrop of Terra 2.0 after a community vote passed Proposal 1623, a bill calling for a new blockchain.

Over the past few days, the Terra Twitter account has been updating followers on the progress of Terra 2.0, beginning with the initial announcement thread on May 25.

“1/ Terra 2.0 is coming. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.”

The 14 tweet thread outlines plans to learn from the calamitous TerraUSD (UST) collapse that brought the Terra ecosystem down by over 99%. The second tweet includes a link to the official revival plan, which says “UST peg failure is Terra’s DAO hack moment – a chance to rise up anew from the ashes.” The thread also details that old LUNA tokens will be converted to Terra Classic (LUNC) and Terra 2.0 tokens will keep LUNA.

Yesterday, Terra updated followers, announcing the new Terra 2.0 blockchain will launch on May 28.

“1/ Yesterday, we said Terra 2.0 is coming. Tomorrow, it arrives. The community has been working around the clock to coordinate the new chain’s launch. Subject to potential change, we expect Terra to go live on May 28th, 2022 at around 06:00 AM UTC.”

Previously, the airdrop was announced for May 27.

The 18-tweet thread announces Terra 2.0 (LUNA) will be listed by many popular exchanges.

Earlier this week, Binance announced plans to support the new network.

“Binance will rename the current Terra network as Terra Classic network and support the Terra network airdropLUNA and UST tokens of the Terra Classic network will henceforth be referred to in this announcement as LUNA (old) and UST (old).”

Terra 2.0’s imminent launch comes on the heels of an investigation by Korean officials into charges that Terra founder Do Kwon knowingly ran a Ponzi fraud. Do Kwon and fellow Terraform co-founder Daniel Shin are also being sued by five investors who claim to have lost $1.1 million due to “fraud and other financial irregularities,” says the report.

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Featured Image: Shutterstock/Art Furnace

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