• Do Kwon claims Terra is gathering snapshot data for the LUNA airdrop

  • Terra CEO Do Kwon stated that the blockchain is collecting data from key exchanges in preparation for the impending LUNA airdrop.

    Kwon stated that the procedure is taking “some time” due to the enormous volume of data to be collected. The decision comes after a majority of LUNA holders voted in support of Terra launching a hard fork and creating a new blockchain.

    According to the current result, 61.7 percent of 230.9 million votes were cast in favor of the hard fork. The voting period will end on May 25.

    How will Terra’s airdrop go?

    According to the hard fork plan, the community pool of LUNA holders will receive 30% of the new LUNA supply. Holders who purchased previous to the crash will earn 35%, while those who purchased after the crash would receive 10%.

    Prior to the crash, UST holders on Anchor received 10% of the supply, whereas those who became holders after the crash received 15%.

    The UST stablecoin will be completely removed from the new chain. Given that UST’s failure caused the crash, the majority of community members have approved this move.

    Furthermore, the proposed hard fork will eliminate Terraform Labs entirely from the new blockchain, leaving Terra V2 wholly community-owned. According to an old Kwon interview, this portion of the Terra recovery plan may have been part of a pre-planned “kill switch” strategy.

    Other blockchains are skeptical about the new proposition.

    While Terra’s validators and community appear to support the plan, other blockchains with which Terra has previously collaborated have expressed concerns about Terra’s future.

    Exchange of stablecoins Curve recently elected to withdraw its support for UST altogether. Its citizens have also spoken out against supporting the new Terra.

    DeFi behemoth Lido will also hold a community poll on whether to embrace the new Terra. While Lido was a huge success on the previous Terra, after the crash, consumers lost a lot of trust in Terra.

    What's your reaction?