Fun

A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens

News Feed - 2022-05-26 07:05:16

A New Terra Network Is Coming With Support From Major Exchanges, LUNA and UST Holders Eligible for Airdropped Tokens


According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited


On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security.


The governance decision further details the new LUNA token distribution which includes 30% for the community pool, 35% for pre-attack LUNA holders, 10% for pre-attack aUST holders, post-attack LUNA holders will get 10% and post-attack UST holders are eligible for 15% of the supply. Additionally, the Terra team mentioned that the Terraform Labs wallet, Luna Foundation Guard’s wallet, and the community pool distribution module account will be removed from the LUNA airdrop.


The Terra team’s Twitter thread adds: The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem. Controversy, a Class-Action Lawsuit, and Mirror Protocol Accusations


There’s been a lot of controversy surrounding the Terra blockchain network and the face of the project Do Kwon. Just recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s home and knocking on his door. Then there’s a Twitter account called “@fatmanterra (Fatman)” that has said a class action lawsuit is being planned in order to get compensation for the class of LUNA and UST victims.


Fatman said the action will be free to join and the team is researching jurisdictions like Singapore where investment protection is laxer. Fatman said: I am happy to announce that three law firms have offered to commit over $15m (maybe more) to this historic fight for justice – they are looking to fund the case and will collect fees on a contingency basis. This could never have happened without all of you.


But that’s not all Fatman has been doing, as the Twitter account has published accusations about specific Terra-based projects and partners. In one specific thread written by Fatman, the social media account says Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how Mirror Protocol’s governance system was allegedly rigged. Centralized Exchange Platform’s Binance, Bybit, and Huobi Plan to Support New LUNA Token


The Terra team doesn’t seem to be bothered by the controversy surrounding the project and the litany of accusations on social media. Moreover, many rumors have been flying around social media concerning Kwon’s and the Terra development team’s decisions. Kwon has been responding to question after question about the new Terra chain, eligibility, and the airdropped LUNA tokens.


The Terra team details that it is working closely with centralized exchange partners like Bybit and Binance in order to support LUNA holders who left funds on exchanges. Huobi Global revealed it would support the new LUNA chain. Binance tweeted about the rebirth of the new Terra network as well.


“The Terra community just passed a vote to ‘Rebirth Terra Network,’” Binance said. “We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.” Tags in this story Accusations, Airdrop, airdropped LUNA, airdropped tokens, Algorithmic stablecoin, Binance, Bybit, Codebase, controversy, do kwon, eligible, Fatman, Fatman Terra, Huobi, Investors, LUNA, new LUNA chain, rigged, SCV Security, Stablecoin, terra (LUNA), Terra Blockchain, Terra Core, Terra Core code, Terra’s Mirror Protocol, UST


What do you think about the new Terra blockchain project? What do you think about the controversy surrounding the Terra ecosystem? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs NEWS | 14 hours ago ECB Survey Finds 10% of Eurozone Households Own Crypto Assets NEWS | 16 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBillionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Amaka Nwaokocha19 minutes agoNigeria invites global experts to collaborate on national AI strategyThe action will impact how the government formulates inventive technological solutions for critical national challenges.16
US Consumers Flock To the First Mastercard Branded BitPay Card
US Consumers Flock To the First Mastercard Branded BitPay CardNew data from BitPay shows that American consumers are flocking to load the first Mastercard branded BitPay card with t
Islamic Scholar Says Digital Currency is Not a ‘Fictitious Currency’
Islamic Scholar Says Digital Currency is Not a "Fictitious Currency" An Islamic scholar, Irshad Ahmad Ijaz, has asserted that digital currency is not fake currency and that it shou
National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge
National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a
Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom
Zoltan Vardai39 minutes agoBitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottomThe last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in
Zhiyuan Sun6 hours agoMachi Big Brother withdraws defamation lawsuit against ZachXBTJeffrey Huang withdrew the lawsuit after ZachXBT edited his article that Huang claimed to be defamatory.781 Total views5 Total sharesLis
Wormhole raises $225M at $2.5B valuation
Zhiyuan Sun9 hours agoWormhole raises $225M at $2.5B valuationThe protocol reached a total value locked of $3.8 billion at its peak.1388 Total views14 Total sharesListen to article 0:00NewsJoin us on social networksCross
With Over 90% of BTC’s Supply Issued, Bitcoin’s Mining Difficulty Reaches a Lifetime High
With Over 90% of BTC"s Supply Issued, Bitcoin"s Mining Difficulty Reaches a Lifetime High Bitcoin’s mining difficulty increased this week on March 31, 2022, at block height
CME Bitcoin futures show investors betting on $40K BTC price
Marcel Pechman2 hours agoCME Bitcoin futures show investors betting on $40K BTC priceThe Bitcoin futures annualized premium jumped to 34% on Nov. 28, leading analysts to speculate about an imminent spot BTC ETF approval.
Ethereum Reclaims Key Support At $1,574 – Here’s The Next Price Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin’s Next Decade Will Be Shaped by Derivatives
Bitcoin’s Next Decade Will Be Shaped by Derivatives The last five years have been a test phase for bitcoin derivatives, which began tentatively when Bitmex eased into life in 2
Polymarket raises $70M from Vitalik Buterin, Founders Fund
Josh O"Sullivan9 hours agoPolymarket raises $70M from Vitalik Buterin, Founders FundAmid increasing U.S. regulatory scrutiny, popular crypto-based betting platform Polymarket has secured funding to expand its global oper