Terra v2 Mainnet Launch And New LUNA Airdrop Delayed Till May 28

Quick take:

  • Reasons for the rescheduled date were not specified.
  • Terra’s LUNA airdrop rolls out with the first block on the new chain.
  • Centralized exchanges like Binance and FTX announced how they plan to support the token airdrop.
  • Another Terra proposal to cut out UST’s outstanding debt passed on Thursday.

Terra’s plan to launch a genesis blockchain has been pushed back by a day due to undisclosed events according to a thread from the Terra team on Friday. Version two of LUNA’s native network was initially set to go live on May 27, 2022, following a governance vote that concluded this week. 

As EWN reported, the testnet already went live ahead of the announced launch. The team said the new date is set for May 28 and the first block production should happen by 6 AM UTC.

The thread also reiterated that the proposed airdrop for new LUNA tokens remains aligned with the launch of the genesis chain. Allocations are available for investors who held coins before and after the depeg occurred. The airdrop sharing formula covers LUNC (former LUNA) and holders of the algorithmic stablecoin UST. 

Notably, the infamous stablecoin is not included in the plans for the genesis chain. 

Binance, FTX, And Other Exchange Release Terra v2 Support Strategy

The world’s largest exchange by trading volume published a detailed announcement for the upcoming LUNA 2.0 airdrop. According to the statement from Binance, the mammoth exchange plans to leverage pre-attack and post-attack snapshots for distribution. 

The pre-attack snapshots will include LUNA (old) balances in Spot accounts, Margin accounts, Savings accounts, Staking accounts, and Coin-Margined Futures accounts, but will exclude USDT-Margined Futures accounts. The post-attack snapshots will include LUNA (old) and UST (old) balances in Spot accounts.

Other exchanges like FTX and KuCoin have also published plans for the airdrop on their respective platforms. 

While the project proceeds with the new chain following the vote, EWN reported on another proposal designed to address UST’s overhead debt. Moving forward, the team plans to burn around 1.38 billion UST currently in the community pool, per details from proposal 1747.