After the drastic fall seen over the last few days, the founder of the Terra LUNA Do Kwon dropped this big news of the launch of the Terra LUNA 2.0 version. The huge collapse led to the loss of more than $40 million and left many people devasted. There was a remarkable peak seen with the Terra LUNA at the price of $120 but for now, it has dropped to $0.00018.
In the tweets made on the 25th of May, the founder Do Kwon itself mentioned about releasing the updated version of Terra LUNA with the main purpose of maintaining the community of the original Terra LUNA and getting back the trust of users.
After the crash of Terra LUNA, the founder used the poll to ask the users whether they are up for an advanced version of it. And that led to getting a good response from the people and giving around 65% of votes in the favor of launching the 2.0 version.
What is LUNA 2.0 exactly?
LUNA 2.0 is presented as a brand new token that will replace the existing Terra LUNA version, not to mention that the old version will still coexist with a new one. Terra Classic (token Luna Classic – LUNC) will be the name of the previous chain, and Terra (token LUNA- LUNA) term will be used for the new chain. This new Terra chain will be without the algorithmic stablecoin.
Terra core code for the new chain has already been released by Terra and if everything went well the Terra LUNA 2.0 will be released on 27 May. Along with that on the same date, the previous version’s name will be updated to Terra Classic from Terra LUNA.
How it will be launched?
LUNA 2.0 will be airdropped at the new Terra chain launch to all the previous Terra holders and the supply is decided to be 1 million. The airdrop will be seen as:
- For the Pre attack LUNA holders, it will be 35%
- For the Post attack LUNA holders, it will be 10%
- For the pre-attack UST holders, it will be 10%
- For the post-attack UST holders, it will be 15%
- 30% for the community pool, and 10% for the developers which will be controlled by LUNA stakes.
The proposal dedicates a significant percentage of the token distribution to existing Terra dApp developers, aligning developer interests with the ecosystem’s long-term performance.
Complications that might disturb the release of the 2.0 version
Due to the huge loss faced by people because of the Terra LUNA crash, there were many legal cases filed against the founder of Terra Luna Do Kwon in South Korea. The investigation was handed to the Financial and Securities Crime Joint Investigation Team, a special financial crimes squad recently reactivated by newly appointed justice minister Dong-hoon Han. Do Kwon is also said to be facing tax penalties of 78 million for failing to pay corporation and income tax.
So at the present moment, the prosecution is still building the case against the founder so we can’t be 100% sure of getting the Terra LUNA 2.0 version without any issues.
Not only that but there are some speculations where people are questioning the authority of the polls happened for the release of the new version. On a completely unauthorized poll done by some old Terra LUNA holders, it is seen that more people were against this and wanted to completely shut the process. So this situation created a suspicious environment whether the poll presented by Do Kwon was truly correct or not.
Some of the traders and investors also came forward to present the idea of completely burning the old LUNA or shutting it down to maintain the demand. As if there is too much supply available because of this co-existence.
Disclaimer: Suncrypto is in support of the Terra LUNA 2. o and soon will start distributing the airdropped LUNA.