Terra is officially revived, mainnet Phoenix-1 is activated

The LUNA revival plan has finally come to fruition as the first block of the new Terra blockchain is underway. LUNA currently exists in two forms, LUNA Classic (LUNC) and LUNA 2.0 (LUNA).

As announced by Terraform Labs, new LUNA tokens will be allocated to users’ Terra wallets at the time of the Phoenix-1 launch. To monitor, users select the “Mainnet” item on Terra Station. Meanwhile, the old LUNC and UST holders (known as USTC) on exchanges will have to wait until the platforms conduct airdrop tokens.

The USTC stablecoin is not ported to LUNA 2.0, which means that LUNA’s sole purpose now is chain governance.

Over 70% of LUNA’s supply is locked in staking, community pools, or for allocation to future developers. The distribution of new LUNA through an airdrop to all investors holding LUNC or USTC on May 7 or May 27.

Tokens are being allocated according to the proposal, with the majority going to both the community pool and the LUNA “holder” prior to the attack.

Following the snapshot on May 28, the USTC price dropped from $0.11 to as low as $0.02. Since the USTC has lost its rate to the dollar with no way back, its use case and LUNC are unknown. However, LUNA 2.0 has been adopted by most of the major protocols in the Terra ecosystem. Therefore, there is real hope that LUNA can rebuild its market capitalization in the future.

The total new supply of LUNA is 1 billion tokens and will be allocated to holders, stakers, and validators who own LUNC, USTC before and after the UST loses its peg. Below is the new token distribution table, including the lock and unlock times to avoid the token being discharged at the time of launch.

Furthermore, Terraform Labs also provides an airdrop rate to determine the LUNA that will be airdropped to a wallet on Terra 2.0 if that wallet holds aUST, LUNC, or USTC in the snapshots before and after the attack. For example, if a user holds 1 LUNC in the snapshot before the attack, the user will be entitled to an airdrop of 1.034735071 LUNA on the new chain.

Some investors may have to wait to receive their airdrop as centralized exchanges handle the distribution of all tokens to individual users. All eyes will be on how new tokens trade over the weekend as around 30% of the tokens airdropped will be freely tradable from day one.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News