Terra’s LUNA recovery plan supported by some exchanges, here’s how you should prepare

  • Terra’s LUNA fork proposal passed with 65.5% of votes, Revival Plan 2 in action without UST algorithmic stablecoin.
  • The Korean Herald writes that Do Kwon contacted the top five Korean cryptocurrency exchanges for the LUNA 2.0 listing, but he denies this.
  • Three law firms have offered to commit more than $15 million to a community litigation fund for a potential class action lawsuit against Terraform Labs.

Binance recently revealed that they are working “closely” with Terra on the LUNA 2.0 relaunch plan. Changpeng Zhao (CZ), the CEO of Binance previously criticized the collapse of the stablecoin UST and the negative impact on the crypto ecosystem. However, with the best interests of the LUNA and UST holder community in mind, the exchange showed up and hosted the LUNA 2.0 chain and token.

In the past 24 hours, Huobi, Bitfinex, Bitrue, HitBTC and FTX have all announced their intention to welcome Terra’s LUNA 2.0 and support the new version of the blockchain.

UPDATE: Terraform Laboratories go ahead with his Ecosystem Recovery Plan 2, which is scheduled to end on Friday, May 27. Terra’s LUNA 2.0 testnet is already live and once the launch of the new LUNA Mainnet is complete, the rebirth of the native token as a genesis channel will be completed. Do Kwon and Terraform Labs refuse to have the event marked as a hard fork, as the new blockchain will start with block 0 and drop LUNA Classic. 30% of new LUNA tokens will be allocated to LUNA and UST holders before and after the collapse on a fixed basis. The vote for the LUNA recovery plan took place with 65% of positive votes among the Terra Community despite the anger shown by many investors affected by the Terra debacle two weeks ago.

Terra LUNA 2.0 Testnet is now live, the snapshot could take place on May 26, and the mainnet launch is expected to take place as early as Friday, May 27, completing the LUNA fork. Terra’s mainnet launch will come with an airdrop for eligible LUNA and UST holders. Terra Community whistleblowers have gathered legal support and a litigation fund to file a lawsuit against Terraform Labs and its co-founders.

Read also : Will Do Kwon be arrested after Terra’s LUNA price collapse?

Terra’s LUNA 2.0 is here, testnet is now live

Vote on Do Kwon 2 Terra Ecosystem Revival Plan is now complete, with a majority of the community welcoming the rebirth of Terra, giving birth to MOON 2.0. 65.5% of the votes were in favor of the LUNA recovery plan and distribution of the new token to “pre-attack” and “post-attack” LUNA and UST holders and the developer community.

Rebirth Terra Network Proposition 1623 Voting Completed

Orbital command, a validator dedicated to educating the Terra community, announced on Twitter that the LUNA 2.0 testnet is now live. The validator has announced that a mainnet launch is set to take place on May 27, with the event set to end Terra LUNA Hard Fork.

The native asset of LUNA 2.0 is LUNA and community members holding both pre and post “attack” LUNA and UST are eligible for the first airdrop, including 30% of all tokens. The “pre-attack” shot is from May 7 and the “post-attack” one is scheduled for May 27.

Terra LUNA 2.0

For better understanding, a user with 1000 UST on May 27 (“post-attack” snapshot) is eligible for 0.013 times 1000, 13 new LUNA tokens. Each category is eligible to receive new LUNAs on a fixed basis:

  • LUNA pre-attack – 1: ~1.1
  • Pre-attack auST – 1: 0.033
  • Post-attack LUNA – 1:0.000015
  • Post-attack UST – 1: 0.013

Regardless of the category to which a user belongs, 30% of Airdrop of LUNA 2.0 will be unlocked at genesis on May 27, and the rest will vest linearly over two years with a six-month cliff. This period ensures that token holders with small amounts have similar initial liquidity profiles. Airdropped tokens will be in a bound state and users will have to wait 21 days before they can transfer them. In this case, peeling off is the act of telling the LUNA 2.0 network that you want to unlock your tokens.

Not a hard fork, but a genesis channel

Do Kwon The final stimulus plan for LUNA abandons the UST algorithmic stablecoin and proposes the development of a new blockchain, while the name of the LUNA asset remains the same. This process is called a hard fork in the Terra Community.

Terraform Laboratories shed light on the nomenclature and explained that the rebirth of LUNA as genesis channel is not a hard fork, however. MOON 2.0 would not share its entire history with the previous chain, unlike in a typical hard fork. Therefore, the LUNA 2.0 blockchain starts with block 0 and drops LUNA classic.

This means that applications that existed on Classic LUNA (LUNC) do not pre-exist on the new channel, and they will need to be migrated to LUNA 2.0.

Several protocols on MON offered support for LUNA 2.0. Phoenix Finance, Spectrum protocol, Astroport, Terra Name Service, Falcon wallet are some of the key applications ready to migrate to LUNA 2.0 and extend their support to Terraform Labs.

Do Kwon denies approaching Korean exchanges for LUNA 2.0 listing

A South Korean media, heraldcorpreported that Do Kwon, the co-founder of Terraform Labs, has approached Korea’s top five cryptocurrency exchanges for a LUNA 2.0 listing.

The financial investigation service of south korean Police are currently investigating Terraform Labs and the two sister tokens, LUNA and algorithmic stablecoin UST, following their colossal crash. Authorities have contacted the exchanges, asking them to freeze accounts linked to Terraform’ Laboratories collapsed tokens. As a result, the exchanges ended their support for LUNA (LUNC).

Do Kwon addressed the news on his Twitter account and denied the allegations. Heraldcorp reported the incident after an industry insider shared details of how contact was made and the content of the Telegram message sent by Terraform Labs executive Do Kwon.

Binance CEO CZ Reveals Key Details Related to LUNA and UST Crash on AMA

During an AMA session held on Reddit, users contacted Changpeng Zhao, CEO of Binance and asked several questions related to the colossal UST crash and detachment, and the upcoming LUNA hard fork – or genesis chain as Terraform Labs calls it.

Binance CZ revealed that the world’s largest exchange has staked Terraform Labs’ algorithmic stablecoin UST in the Anchor protocol. However, this was part of the exchange’s earning package and came with user training and numerous disclaimers.

Binance has been transparent about how staking UST on the Anchor Protocol work and the associated risks. CZ allayed the concerns of UST and LUNA holders on Binance and explained why the exchange suspended trading of the assets when the network was unstable and the token blockchain halted in the event of a crash.

Whistleblower Unites Three Law Firms to Fight Terraform Labs

Terra Community Member and Whistleblower “Fat man” gathered the support of three leading law firms to raise funds for litigation. Its goal is to file a class action lawsuit against Terraform Labs and Do Kwon et al.

@FatManTerra shared regular updates and whistleblower insights related to the crash of UST and LUNA and the institutions involved on his Twitter account.

LUNA 2.0 prepares to be reborn, meme coins burst into the rally

Terraform’ Laboratories MOON 2.0 is about to launch on the mainnet, and the crypto market is well on its way to recovering from the recent bloodbath. Shiba-Inu themed meme piece SHIB price took off, fueling bullish sentiment among investors.

FXStreet analysts have assessed the Shiba Inu price trend and predicted a target for the SHIB. For more information, watch this video: