What you need to know about the relaunch and Airdrop

The crash of Terra was an unprecedented disaster. At the beginning of May, the top ten project lost 99 percent in just one week. The team around the controversial founder Do Kwon now wants to save the cryptocurrency: with the birth of Terra 2, a new blockchain.

The controversial relaunch will take place this Saturday, May 28th. The team compensates damaged small investors of Terra via Aidrop. You get the new token on your virtual wallets. In the future, it will support the Terra ecosystem.

We will clarify the most important questions shortly: What will Terra 2 change? Who is entitled to compensation and how do I calculate my shares? Which crypto exchanges support the Airdrop? What if I don’t keep my coins on an exchange?

1. What changes with Terra 2?

The new blockchain bears the old name: Terra (Luna). The test network went live on Wednesday, the Mainnet starts on Saturday. The current blockchain continues to run under the name Terra Classic (LUNC). With the relaunch, the team is separating itself from the algorithmic stablecoin, UST. Its controversial mode of operation led to the rapid rise of the project – and to its crash. You can find all the background information here.

Do Kwon and his team have to prove that their ecosystem works even without VAT. The founder is also facing trial in his native South Korea. A battle for the developers of the ecosystem has also begun. The Polygon platform is currently advertising you with a ”multi-million fund” for switching to Ethereum.

2. How does the airdrop work on Saturday?

The exact time of the launch is not yet known, but the procedure is. All owners of Terra Classic and/or UST will receive the new Terra token on their virtual wallets. On Saturday, only 30 percent of the total compensation will be distributed.

Investors will receive the rest of the airdrop at regular intervals over the next two years. These tokens will be staked in the new network for “security reasons”. For staking, owners are rewarded in the form of newly generated tokens.

3. Who is eligible for the airdrop and how do I calculate my compensation?

On a medium blog entry, the team explains all the financial details of the airdrop. You can read it here.

The team divides investors according to different criteria. Decisive for the eligibility for the airdrop and the amount of individual compensation is the time period over which you held Luna or UST, as well as the amount of tokens.

In principle, there are two groups: before and after the “attack” on the network, each dated May 7 (before) and May 27 (after). All specific details about the conditions will be found in this table of the team.

Terra

Some explanations: the ”snapshot“ groups the period of holding (pre or post-atack), ”Asset Type“ the type of token (Luna or UST), ”Quantity in Wallet“ the number of tokens and ”Vesting” the compensation period. “Unlocked at genesis” means that you get tokens directly for the relaunch. “Vested over” means that the remaining tokens will be distributed in smaller quantities over a certain period of time. The ”Cliff” is the waiting period between the first distribution for the relaunch and the later compensations.

For example, using the first line: if you held less than 10,000 Luna (snapshot and quantity) before the attack, you will receive 30 percent directly for the relaunch (unlocked at genesis) and 70 percent over two years (vested over) after a waiting period (Cliff) of six months.

With this calculator you can calculate your individual case: https://terrarity.io/luna-airdrop.

4. Which crypto exchanges support the Airdrop?

According to Terra, these Major crypto exchanges Are Supporting the relaunch: Upbit, Binance, Octopus, FTX and Gate.io. More could follow in the next few hours. If you hold your tokens on these exchanges, you will automatically receive your airdrop. Inform yourself about the respective conditions and the procedure directly at the stock exchanges. Most have posted information about it on their websites and on Twitter.

5. What do I have to do if I keep my coins directly on the Terra wallet?

If you have your coins on the Terra Station Wallet, you don’t have to do anything. It is enough if you register with the same seed in the new mainnet (Phoenix-1) after the relaunch. The seed generates the same address of the old blockhain. Your share of new tokens will be sent there.

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