Terra validator, Orbital Command, revealed a plan of action to revive the totaled Terra ecosystem by launching a brand new genesis blockchain- ‘Terra 2’.
On May 25, Orbital Command, broadcasted the details of Terra 2 network through a series of tweets, announcing that the Terra 2 Mainnet will be going live on May 27. The validator stated that the Terra 2 Testnet is already up and running. The official Terra Twitter channel revealed that there will be no hard fork, but Terra 2 will be the second iteration of the collapsed blockchain.
How Is Terra 2 Different From Its Predecessor?
According to the official tweets, the older network will now be called Terra Classic (LUNC) with the new blockchain dubbed as Terra (LUNA). The new LUNA token will be airdropped for those who stake their existing LUNC tokens, residual USTs, and other essential tokens on the LUNC ecosystem.
Orbital Command emphasized that, “Terra 2 is the most decentralized large blockchain in crypto”. The new blockchain will comprise of a fully built-out infrastructure and ecosystem, where 70 per cent of the native asset (LUNA) will be airdropped. The validator expressed,
“Crypto is all about experimentation and diversification. Terra 2 definitely brings something new, interesting, and valuable to the table. This will attract new users and new liquidity.”
The proposed fork of the Terra blockchain seeks to restore confidence in the capabilities of the project’s infrastructure. According to Do Kwon, the Terra ecosystem has everything it needs to succeed including well-developed DeFi apps such as decentralized exchanges, wallets, lending marketplaces, stablecoins, and NFT exchanges.
In accordance with the details, pre-attack LUNA holders will get an airdrop very close to 1:1 while those that bought the token after the collapse will get just 1:0.000015. Anyone holding 1,000 UST on May 27, for example, will get airdropped 13 new LUNA tokens and someone holding old LUNA on May 27 will get just 0.15 of the new LUNA token per ten thousand LUNA’s they hold.
Only about a third of the full airdrop will happen on Friday. Additionally, the airdrop will occur in a “bonded state,” implying that there will be a 21-day unbonding period before transfers are available. Orbital Command remarked,
“Regardless of your category, you will get 30% of your airdrop at genesis (May 27), and the rest vested linearly over 2 years with a 6 month cliff.”