Terra Moves Closer to New Chain Launch, Secures Exchange Support
The Terra (LUNA) blockchain is moving closer to being re-born as Terra 2.0, this time without an algorithmic stablecoin. The project has already received the blessing of several exchanges, but questions about what the value of Terra is without a stablecoin have started to emerge.
In an update published on Terra’s official blog on Thursday, the team shared the first detailed description of the coming airdrop, how it will affect users, as well as an exact breakdown of the new token distribution.
According to the update, the number of new tokens each user receives will depend on the type of tokens held on the old Terra chain – from now on called Terra Classic – the time tokens were held for, and the number of tokens held.
The time tokens were held is based on a “Pre-Attack and Post-Attack” snapshot of the blockchain taken at the following times:
As the new blockchain launch moves closer, however, questions from the community have also started to emerge.
Among the most vocal in recent days was the popular Terra Research Forum member FatMan, who asked whether Terra-linked entities such as Terraform Labs (TFL), the development company led by Terra founder Do Kwon, and Luna Foundation Guard (LFG), the non-profit tasked with maintaining terraUSD’s (UST) dollar peg, would receive airdropped tokens.
However, the concerns were later addressed by the Terra team, saying both the TFL and LFG wallets will be removed from the list of wallets set to receive the airdrop.
In addition, other users such as Darren Lau, founder of the Daily Ape newsletter and a former analyst at crypto investment firm Spartan Group, asked what the value proposition for the new LUNA token should be without UST.
“The only value I can come up with is exit liquidity,” Lau
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