Terra 2.0 — set to gain back stability after the drastic unstable situation in the LUNA ecosystem
Do Kwon, Founder of Terra, the most popular stablecoin in the highly volatile cryptocurrency market, has decided to launch Terra 2.0 for the growth of the stablecoin from the unstable situation. The Terra blockchain is set to launch Terra 2.0 on May 27, 2022, without the support from UST stablecoin. Crypto investors are highly interested to look out for a rise in the LUNA price, especially after the major crash in recent times. Terra 2.0 is a new chain that Do Kwon has decided to set as the revival plan for the Terra ecosystem. Let’s dig deep into how giving away free LUNA tokens to crypto investors can help Terra 2.0 to revive the lost damage of the stablecoin status in the highly volatile cryptocurrency market.
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Terra 2.0: The upgraded version of Terra (LUNA)
Terra 2.0 is the latest form of Terra (LUNA) that Do Kwon has come up with in the form of a revival plan. The aim is to propose a fork of the Terra blockchain as well as an airdrop to crypto investors affected by the major crash. The main objective is to get back the trust in this stablecoin through the new venture of the Terra ecosystem.
The policy of Terra 2.0 is to offer new LUNA tokens periodically to crypto investors who have invested in more than 10,000 LUNA before the major damage to this stablecoin. It will help to prevent the immediate selling of Terra 2.0. More than 300% of LUNA tokens of crypto investors will be unlocked initially while the remaining 70% will be released over two years gradually. The new Terra 2.0 tokens will be distributed post-six months to these crypto investors.
Support from crypto exchanges
The major crash in the stablecoin and the unexpected instability from the Terra has shocked the entire cryptocurrency market. This led multiple crypto exchanges to block the transactions related to LUNA to avoid any more serious consequences to crypto investors. But the good news that Do Kwon received that Terra 2.0 has received support from crypto exchanges for encouraging the revival plan of Terra (LUNA tokens) in the market. These crypto exchanges want to help the users to recover from the drastic disaster in crypto wallets.
The Terra ecosystem revival plan
The Terra ecosystem revival plan is set to restart the Terra blockchain through Terra 2.0 with the network ownership being distributed to UST as well as the LUNA holders with the one billion new LUNA tokens. It also has mentioned that the old chain will be known as the Terra Classic and LUNA token as LUNC, whereas the new chain will be known as Terra with LUNA. It will be airdropped across the old crypto investors who are stakers, holders, and residual UST holders, as well as essential app developers of the old version of Terra. The tokens are planned to be distributed to previous crypto investors in the form of the air-drop — relying on the snapshots of the old Terra ecosystem taken for verifying crypto investors.
Thus, let’s hope for the best for the new Terra 2.0 to revive and come back as the most popular stablecoin in the cryptocurrency market. Giving away free LUNA tokens to crypto investors and holders may or may not help Terra to gain back the status post-damage.
