After Terra’s revival proposal was passed with 65.5% approval votes, the Terra 2.0 blockchain is expected to be officially launched on May 27. In a tweet, Terra validator Orbital Command announces that the testnet for Terra 2.0 is now live. The airdrop of new LUNA tokens will happen after the testnet launch.
1/10 If you haven’t heard, Terra 2 testnet is live. Mainnet goes live Friday. It’s happening!
How much of an airdrop will I get? What is the point of Terra 2? What protocols will be participating?
Everything you need to know about Terra 2. 🧵👇
— Orbital Command (🌎,🌔) (@orbital_command) May 24, 2022
Terra 2 Testnet Goes Live
The native asset for Terra 2 will be LUNA, and these groups are eligible for the rewards:
- pre-attack LUNA
- pre-attack aUST
- post-attack LUNA
- post-attack UST
The holders receive 30% of the airdrop on May 27, and the remainder is vested linearly within two years in a 5-month cliff.
The new blockchain will exist alongside Terra Classic, the original Terra network. The new LUNA will not be associated with the UST stablecoin.
Orbital Command, which is devoted to enlightening the Terra LUNA community, describes Terra 2 as “the most decentralised large blockchain in crypto.” Several projects, including Nebula, Astroport, Sigma, Prism, Phoenix, Spectrum, Nexus, Anchor, Random Earth, One Planet, and Coinhall, have also been confirmed on Terra 2.
🛰 INCOMING TRANSMISSION
From the celestial haze, a plan emerges for the future of Astroport.
— Astroport ✦ (@astroport_fi) May 23, 2022
Terra 2 will serve as the focal point of the greater Cosmos ecosystem. Cosmos users will contribute their assets to the new networks for lending and borrowing, among other services. Terra 2 sets out to be the premier layer 1 blockchain at best.
Will Terra 2 Be Enough?
Terra 2 is an audacious revival plan devised by Terra’s leaders, although its success is questionable. Since the LUNA and UST crash, Terra’s reputation has been severely ruined, and many now view the network with scepticism. Regular investors and giant corporations have suffered losses, and scammers have also taken advantage.
There are members of the Terran community that staunchly advocate any revival proposals. These users feel that Terra was attacked and should regroup and redeploy.
However, given the pending lawsuits, asset freezes, and investigations, it is hard to say if Terra will be able to reach the heights of its original network. The next few weeks will determine the destiny of the Terra ecosystem.