Terra Snapshot Expected This Week. Here’s How ‘New’ Luna Will Be Distributed

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Terra Snapshot Expected This Week. Here’s How ‘New’ Luna Will Be Distributed

By Shaurya Malwa

The supply of tokens on the new blockchain will be just over 116 million, developers said.

A snapshot of the Terra blockchain is expected to take place later this week ahead of the launch of “Terra 2.0,” a so-called revival of the Terra ecosystem following the implosion of the terraUSD (UST) algorithmic stablecoin earlier this month.

The revival plan is now moving forward after the conclusion Wednesday of a vote among network validators, with a 65% approval rate.

Investors who held over 10,000 LUNA tokens before UST’s implosion will receive the new tokens periodically, to prevent immediate selling. Over 30% of their tokens would be unlocked initially, and the remaining 70% would be released over two years. New tokens will be distributed after six months to such holders.

Wallets with more than 1 million LUNA or UST prior to UST’s depegging from the U.S. dollar would have to wait more than a year before receiving any tokens, with a four-year vesting period thereafter, according to the revival plan.

A snapshot – meaning a recording of the state of a blockchain at a specific point in time – will allow Terra to send the newly issued LUNA tokens to holders of the old LUNA. This would, in theory, allow old holders to regain some of their lost investment value while incentivizing usage of the new blockchain.

The snapshot for Terra 2.0 is expected on Thursday. “Going by block times, the post snapshot block, 7,790,000, could happen as soon as May 26, 2022, 16:20:00 UTC,” Terra developers said in a post on Tuesday.

“The supply at genesis is considerably lower than anybody is anticipating, closer to 116.7M rising to 182M after [one] year,” they added, addressing community concerns about a highly inflated luna supply.

How the snapshot plan came about

In early May, UST lost its peg with the U.S. dollar and fell to as low as 7 cents in the weeks afterward, causing prices of its related luna (LUNA) token to drop 99.7% and outflows of over $28 billion from Terra-based decentralized finance (DeFi) apps.

This led to a loss of sentiment among LUNA investors and traders, apparently even sparking public outrage in South Korea, where Terra had a huge community. Some crypto funds were hit with billions of dollars in losses.

Terra’s often-brash founder Do Kwon came up with a revival plan in the days afterward, proposing a fork of the blockchain and an airdrop to holders affected by the UST implosion.

The plan tries to make the community whole while reviving their trust in the Terra ecosystem.

A blockchain fork usually refers to the creation of a new blockchain with data from the old blockchain. While this plan may seem like a fork, Terra developers have stated that Terra 2.0 will be an entirely new project, and no data from the current chain will be carried on to the new one.

The revival plan, although passed by Terra’s network validators, was pushed live even as results from a preliminary online poll on a hard fork plan found minimal backing among community members.

Some 92% of over 6,220 voters on a previously held online poll voted against the change, with the most popular responses calling for “no fork,” as reported.

Editor’s Note: 

New Global Currencies

New Resistance Global Currencies that support Independent Media and are against the “Great Reset” –

Our World Coin, a force for good and a peaceful revolution, is built to save humanity from the Globalists deadly Great Reset Totalitarian Agenda.

Bitcoin 2.0 is a new cryptocurrency that is looking to innovate the Global Payment System. It is backed by real value in independent media news sites & networks.

Truth Coin, a platform that’s free from Globalists’ control, and will not support the Great Reset Agenda or the vaccine digital passport. This enables everyone to support and benefit from building a better world, by the people for the people, a force for good.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published. Required fields are marked *

Documentary: Died Suddenly (2022)

Play Video

McIntyre Report
Political Talk Show

Episode 155

Episode 154

How you can advertise on Truthbook.social

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 07.12.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

Watch Full Documentary

TruthTalks business partnership

Ideal for freedom movement activists, influencers, digital nomads, content creators and those who refuse to be silenced and want to expose the Globalists Agenda .

Truth Talks Partner Opportunity

Click here to learn more about this opportunity and how 12 online clients per year can earn you $203,000 USD per annum

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY