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Terraform Labs to relaunch the ecosystem and hold a token giveaway on May 27

Terraform Labs to relaunch the ecosystem and hold a token giveaway on May 27

The new Terra 2.0 blockchain won't be a fork of the old network. LUNA and UST holders will get a refund on a portion of the coins.

Terraform Labs CEO Do Kwon presented a plan to revive the Terra blockchain with token distribution to LUNA and UST holders. Luna holders will get Luna 2.0 tokens upon the new network launch.

Restarting the system will create 1 billion tokens, while their distribution will be as follows:

  • Community pool: 30% (10% of which will be owned by the developers);
  • Pre-attack Luna holders: 35%;
  • Post-attack Luna holders: 10%;
  • Pre-attack UST holders: 10%;
  • Post-attack UST holders: 15%.

About 30 percent of the total amount is scheduled to be distributed on May 27, while most of the remaining tokens will be distributed over 2.5 years. The final distribution will take place over four years.

The TerraForm Labs wallet will also be removed from the distribution list of Luna. All blocked tokens will be released to become liquid.

Recall that the collapse of UST, the third-largest stablecoin supported by Terra Blockchain, started on May 8. The cryptocurrency lost its peg to the U.S. dollar after a single sale of tokens worth about $300 million. At the moment, the price of stablecoin has fallen to $0.06.

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