How it Started
The project disclosed on Wednesday that it is ready to revive the blockchain without the inclusion of TerraUSD (UST), the algorithmic stablecoin that crashed the entire Terra ecosystem.
The stablecoin was pegged to the value of the US dollar before it dropped below $1 and continued plummeting to zero, crashing LUNA in the process.
Before its collapse, UST was ranked among the top 10 cryptocurrencies in the world with a market capitalization of $18 billion.
After a series of attempts made to preserve the blockchain failed, the Terra protocol was temporarily halted at a block height of 7603700 to protect the ecosystem from further attacks.
Terra Plans Hard fork
According to the approved proposal, the old Terra chain will be rebranded to Terra Classic and existing LUNA coins will be known as $LUNC while the hard fork will be called Terra with a native token called LUNA.
The new chain will go live on May 27 after the project takes a snapshot of the current protocol to know how to compensate UST and LUNA investors who purchased the digital assets before and after the crash.
According to the proposal, LUNA Classic holders (users holding old LUNA coins), LUNA Classic stakers, UST residual holders, and the team members, will receive an airdrop of the new LUNA tokens, which will be vested to prevent dumping.
Crypto Exchanges Supporting Terra 2.0
Many investors who had LUNA and UST on centralized cryptocurrency exchanges before and after the Terra crash were not left behind on the airdrop.
With the hard fork scheduled for Friday, May 27, some crypto exchanges have announced plans to support the event to ensure that their users partake in the airdrop.
Earlier today, leading crypto exchange Binance announced that the Terra airdrop will be distributed to users on the platform according to the project’s distribution plans.
Terra Network airdrop to be distributed on #Binance.
The new Terra 2.0 token $LUNA will be distributed to eligible users based on the project’s distribution plan.
The distribution ratio per account will be announced separately.
Find out more ⤵️https://t.co/F7UAbqedxS
— Binance (@binance) May 26, 2022
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