Terra Revealed That Terra 2.0 Would Be Available on the Hitbtc Chain From 27 May
- Teresa Bach
- May 25, 2022
- Blockchain
- 0 Comments
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Terra today revealed its Terra 2.0 revival plan by sharing that it will be available on the HitBTC chain from 27 May.
While sharing the living document with the community DoKwon the founder said that this document has been edited in conjunction with inputs from the Terra Builder Alliance, and has the endorsement of both the TBA and TFL.
Dear Traders,@terra_money’s new chain token (LUNA) will be available on HitBTC on May 27th, 2022.
The old chain will be renamed to Terra Classic (LUNC).
Learn more: https://t.co/MuYPUfcMjJ
Stay tuned for updates. pic.twitter.com/shYIWtPuN6
— HitBTC (@hitbtc) May 25, 2022
He also added that due to technical constraints, the holdings of UST and Luna holdings are not included on Terra and other chains.
In addition to this, he asked everyone who hasn’t voted yes to vote as there are still 5 days left for the voting to be concluded.
Here are some snapshots of pre-attack and post-attacks.
Pre-attack:
For those who have a snapshot balance of less than 10k Luna, 30% will be unlocked at genesis;
Over 2 years, 70% is vested, and after that, there is a 6-month cliff.
This is to guarantee that the initial liquidity profiles of tiny Luna holders are identical.
Luna wallets would cover 99.81 percent of the total, despite the fact that 64.5 percent of the total
was Luna at the time of the assault.
Post-attack:
UST holders will receive 20% to 15% of the total.
This is to verify that the depeg-related allocation matches the stakeholder (pre-attack Luna) allotment.
The 5% saved is donated to the communal pool.
The summary of the new announcement
Set up a new Terra chain that does not contain the algorithmic stablecoin.
Terra Classic (LUNC) and Terra (LUNA) Luna, the old and new chains, will be distributed to Terra
Classic stakers, holders, residual UST holders, and Terra Classic app developers.
Terra will become a 100% community-owned chain when TFL’s wallet
(terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) is removed off the whitelist for the airdrop.
Allocate a significant percentage of the token distribution to 1) provide an emergency runway for
Terra dapp developers. 2) Align developers’ interests with the ecosystem’s long-term success
Token inflation will be used to incentivize network security. Staking returns of 7% p.a. are the goal.
The document also shared the essential apps which must exist in the web3 ecosystem to be viable
NFT exchange – Randomearth, Knowhere, Oneplanet, Luart, Talis
Explorer – Finder
Analytics – Coinhall, Flipside
Wallet – Station, Leap, Falcon
Lending market – Mars, Edge
Games – UNOPND etc
Staking derivative – Stader, Lido, STEAK, PRISM
Infrastructure – Setten
Payments/onramp – Kado, Alice
Bridges – Axelar, Wormhole
Stablecoins – USDT / USDC bridged over
Structured products – Nexus, Apollo, Aperture
Insurance – Risk Harbor
Dex – Astroport, Loop, Terraswap, Pheonix
Launchpad – StarTerra
It will be interesting to see how this revival plan pans out, as it will determine Terra 2.0’s future.
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