Terra 2.0 Delayed, Here’s How The LUNA Airdrop Will Play Out

Terra Money on Friday said the migration to Terra 2.0 and LUNA airdrop is delayed to May 28 at 6 AM UTC.

The reason for the delay is not disclosed, but coordinating exchange support and validators’ work on genesis seems to have delayed the launch. Meanwhile, details on the LUNA airdrop, vesting and non-vesting on the LUNA, and exchanges supporting the migration and airdrop are revealed.

The proposal for Terra 2.0 had said the new blockchain would go live by May 27.

Terra Money Announces Terra 2.0 and LUNA Airdrop Delay

Terra 2.0 migration and LUNA airdrop supposed to be completed by today have now been delayed by a day to May 28. The Terra 2.0 testnet is up and running, and the mainnet will now go live on May 28.

The Terra community of users, validators, developers, and exchange partners have expressed support for the Terra chain revival. Terraform Labs and founder Do Kwon disclosed plans to create a new Terra chain, dropping the plan to fork the Terra chain. The company claims the new Terra chain to be the most decentralized blockchain ever.

Ahead of the Genesis, TFL will share the preultimate-genesis.json file with Terra validators and will collect all gen_tx’s from validators. Thereafter, block 1 of the new chain will be created with interconnected validators running successfully.

Moreover, Terra Station, blockchain explorer Terr Finder, and dApps’ feeder Terra Observer will function normally after the Terra 2.0 mainnet goes live.

The dApps on Terra Classic will also be migrating to the new chain. Thus, the launch of dApps on Terra 2.0 will be delayed.

“Their launch timing will depend on several factors including team bandwidth, so we’ll let you hear from them directly about their plans (which we can’t wait to hear as well).”

The LUNA airdrop will happen on the first block of the new Terra chain. Moreover, vesting LUNA will be staked to Terra validators to preserve network security. However, following the unlock of LUNA at Genesis, users will not get additional vesting LUNA for at least 6 months. Staked vesting tokens will show up in Terra Station.

For liquid or non-vesting LUNA, users can stake on Terra Station to earn rewards. It will also let users participate in the new chain’s governance.

Crypto Exchanges Supporting Terra 2.0 and LUNA Airdrop

Several exchanges are now supporting the LUNA airdrop. The airdrops are divided into two based on “pre-attack” and “post-attack” snapshots. Crypto exchanges in support include Binance, FTX, Bitfinix, KuCoin, Gate.io, OKX, Kraken, Okcoin, MEXC Global, BigONE, AtomicWallet.io, LBank.info, Upbit, Bybit, Huobi, Bitget, Bitrue, and HitBTC.

However, the Terra team will release a finalized list of exchanges participating in the launch. Users should check with the exchange regarding details on the LUNA airdrop.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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