The vote on the restructuring of the Terra community as a new Blockchain has concluded today. According to the results, 83 percent of the Terra community participated in the vote. 66 percent of participating LUNA owners and validators accepted the new blockchain. While 21 percent of the participants were undecided, 13 percent voted no. According to these results, Terra will continue as a new Blockchain, although it was first launched as a fork.
Terra's founder, Do Kwon, knocked on the door of South Korea's largest stock exchanges as soon as the result of the vote became known and demanded that they list Terra 2.0.
Kwon is reportedly in talks with South Korea's five largest exchanges Upbit, Coinone, Cobit, Bithumb and Gopax to list the new LUNA token. According to South Korean local news, other South Korean Exchanges other than Upbit are not willing to list new LUNA tokens.
The biggest obstacle for the LUNA token, which continues to trend despite the collapse in the crypto money markets, is seen as the investigation conducted by the South Korean Government. After the collapse of the Terra ecosystem, many crypto exchanges around the world removed the LUNA and UST tokens from their platforms. However, many investors continued to buy LUNA, which has recently been among the top 10 cryptocurrencies, at low prices in the hope that it will rise again.
According to South Korean news outlet Heraldcorp, UPbit is the only crypto exchange willing to list the new LUNA token. Upbit officials said that if the airdrop is completed successfully, they will be able to list the altcoin. Among other exchanges excluding South Korean exchanges, it is known that only HitBTC has so far tweeted that it can support new LUNA tokens.
While the largest exchanges of the market, Binance, Coinbase (NASDAQ:COIN), and FTX have not yet made a statement on the subject, they are expected to make a decision after the emergence of the new Blockchain network. On the other hand, whether global crypto exchanges will support the Terra airdrop is another important issue. We will continue to share as new developments occur on the topic on the agenda.
It was previously stated that the name of the Terra 2.0 native token will again be LUNA. The LUNA tokens currently on the market will be updated to LUNA Classic. It was announced that 4 different groups were determined for the distribution of new tokens. According to the announcement, the groups will consist of those who held both LUNA and UST before the collapse and those who bought tokens after the decline began. The team will take a snapshot on May 7 when determining the period before the collapse. The period after the collapse will be determined as 27 May.
According to the snapshot taken for May 7, it has been reported that token holders will receive a close to one-to-one airdrop. It is planned to distribute tokens at a ratio of 1:0.0000015 to those who receive tokens after the collapse. Accordingly, those who receive LUNA after the collapse, for example, will have 0.15 new LUNA for every 10,000000 LUNA they find.
For UST holders, a 1:0.033 distribution will be made to holders before the stability is broken. On the other hand, those who buy UST after the collapse will receive a 1:0.13 distribution, meaning 0.013 new LUNA tokens will be issued for one unit of UST. According to this deployment schedule, someone with 1,000 USTs in the May 27 snapshot will get 13 new LUNAs. If the blockchain installation can happen without any problems this week, 30 percent of the amount awarded with the airdrop will be distributed in advance. The remaining progress payments are planned to be realized for 2 years with 6-month distribution periods.