Terra is set to release its updated network, Terra 2.0. Terra will accommodate this update with a new native staking token as a community-owned venture.
As Proposal 1623 prescribes, the new token, called LUNA, will be airdropped to the community members. The token is set to be released on 27th May 2022. After which, eligible owners of aUST, USTC, and LUNC will receive airdrops of LUNA on the updated chain.
The number of tokens received depends entirely on the type of tokens the user held on Terra Classic. In addition, Terra will also consider the time these tokens were held, and the infamous attack will act as a crucial metric in this regard.
Before the attack occurred, Terra stood at the block height of 7544910, and the number reached 7790000 soon after the attack occurred. Thus, it is apparent that the network wants to reward its loyal users for sticking with them. Finally, the network will analyze the token quantity held by the user. Here is an outline of the eligibility criteria for users:
During the pre-attack, the user must have held LUNA with staking derivatives. Moreover, the customer must have owned less than 500,000 aUST. Moreover, the user must have possessed LUNA and UST after the attack.
The network will airdrop over 30% of the LUNA, which will be instantly provided to eligible pre-attack users. Their eligibility is decided by whether they had below 10k LUNA or aUST before the attack.
With time, more ventures are coming in support of Terra 2.0. The year was already rough for crypto and the financial market in general, however, the sudden fall of Terra and LUNA escalated the drop even further. Thus, quickly reconstructing the network with Terra 2.0 is a critical step for the industry.