Terra revival plan officially passed, the ten things you care about most are here
On the evening of May 24th, Beijing time, by the founder of Terra
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Do Kwon’s proposal to “Rebuild Terra Ecology Plan 2” (Prop 1623) was officially approved by the community (the pass rate exceeded the 50% threshold set earlier).

The current voting data shows that a total of 81% of LUNA holders voted on Prop 1623, of which 66.51% (200 million) supported, 21.3% abstained and 0.33% opposed. According to the voting rules, the total number of votes is about 367 million. According to the voting rules, the total number of votes is about 367 million, and 50% is the pass threshold. At present, the 200 million support has exceeded 50%, which means that the vote has been passed.

Terra revival plan officially passed, the ten things you care about most are here

Regarding the Terra revival plan, Odaily Planet Daily has compiled ten things that everyone is most concerned about:

1. The revival plan is not to hard fork the existing Terra blockchain, but to create a new chain; the new chain is called Terra (the token is LUNA), and the old chain is called Terra Classic (the token is Luna Classic). , LUNC), and the new chain will not share all its historical data with the original chain. It is important to note that the new Terra chain will not have the algorithmic stablecoin UST.

2. The total amount of new LUNA tokens is 1 billion, and network security is incentivized through token inflation, and the inflation rate is temporarily set at 7% per year; moreover, Luna Classic pledgers, holders, aUST and UST will also be held Airdrops to developers and key app developers of Terra Classic.

3. Odaily Planet Daily calculated the initial circulation of each part according to the specific airdrop rules: (The snapshot time before the attack is 2022.05.07 23:00:04 Beijing time)

The community pool gets 30% (300 million) airdrops: 20% of them are controlled by pledge governance, and there is no specified lock-up time, which can be regarded as part of the initial liquidity; 10% is dedicated to developers, of which 0.5% belongs to “emergency allocation” , will be allocated to developers to build products immediately after the new network is launched, and the remaining 9.5% basically needs to be unlocked. Therefore, the total initial liquidity of this part is 250 million.

LUNA holders received 35% (350 million) airdrops before the attack: 6.45% of them had wallet addresses less than 10,000 Luna tokens, that is, 22.57 million new coins, which were unlocked at the time of creation 30%, or 6.77 million, the remaining tokens will be unlocked within 2 years after being locked for 6 months; those with a wallet address of between 10,000 and 1 million Luna will be locked for one year and unlocked within two years; the number of wallet addresses with Luna is 100 If the amount is more than 10,000 yuan, it will be locked for one year and unlocked for four years. Therefore, the final initial liquidity of this part is 6.77 million.

Before the attack, aUST (Anchor pledge) holders will receive 10% airdrop: 30% of which will be unlocked at genesis, and 70% will be unlocked within 2 years after 6 months of lock-up. Therefore, the final initial liquidity of this part is 30 million.

After the attack, LUNA holders will receive 10% airdrops: 30% will be unlocked at genesis, and 70% will be unlocked within 2 years after being locked for 6 months. Therefore, the final initial liquidity of this part is 30 million.

After the attack, UST holders will get 15% airdrop: 30% will be unlocked at genesis, and 70% will be unlocked within 2 years after 6 months of lock-up. Therefore, the final initial liquidity of this part is 45 million.

To sum up, the initial liquidity of the new Luna tokens is 361.77 million.

4. The new LUNA chain will take a snapshot at Terra Classic block 7790000 (expected to be at 16:20:00 on May 26th, Beijing time), and the first genesis block will be born. At present, major exchanges have not released an announcement to support snapshots. Therefore, users who hold LUNA and UST after the attack are recommended to transfer their tokens to the Terra wallet and wait for the snapshot to avoid missing the airdrop.

5. Do Kwon said that the TFL wallet (click to view) will be removed from the airdrop whitelist, making Terra a fully community-owned chain. Currently, there are 300 million LUNA and more than 3 million UST in this address, and if participating in the airdrop distribution, it will take nearly 110 million SGD.

6. The Luna Foundation Guard (LFG) wallet currently has 1.85 billion UST and 2.3 billion LUNA. This airdrop will get 25 million new coins. Therefore, some community members propose to remove the LFG wallet from the LUNA 2 airdrop whitelist , but was not supported. Previously, LFG promised to give priority to UST small-amount holders, but has yet to come up with specific plans and standards.

7. Previously, the community proposed Prop 1188, an attempt to “destroy the remaining UST in the community pool + cross-chain liquidity incentive UST”, so that ordinary UST holders can get more airdrops. Although the case was finally passed, it was not successfully implemented due to technical failure due to parameter settings, and then the community revised and proposed Prop 1747 again. The proposal is currently being voted on, but it has not reached the 50% pass threshold, and there is still one day left until the end of voting, and it is unclear whether it can be successfully deployed and implemented before the snapshot on the 27th.

Terra revival plan officially passed, the ten things you care about most are here

8. After Terra is rebuilt, it will not share history with Terra Classic, and DApps or assets from the old chain will not pre-exist on Terra, so DAPPs built on Terra Classic need to be migrated. At present, many applications including PRISM, Stader Labs, RandomEarth, OnePlanet, etc. have made commitments to migrate to the new chain, and some applications choose to switch to Ethereum or other blockchains. Of course, the old chain will not be abandoned, there are still nodes (validators) who will choose to maintain and operate, and the Terra Foundation has not announced the complete abandonment of the old chain.

9. Recently, some community members sent LUNA tokens directly to the destruction address. Do Kwon tweeted a reminder that this move “has no effect except for the loss of their own tokens.”

10. The UST breakaway also reminds investors that they need to be rational and cautious when facing high-yield projects, and at the same time, diversify their investment portfolios as much as possible, and do not put all their savings in one basket.（ http://www.idcnpc.com/z/ym/ ）