when it is and why it is controversial?

Nearly three weeks after the Terra blockchain collapsed and TerraUSD lost its peg to the dollar, a new iteration of the Terra blockchain, called Terra 2.0 or Luna 2.0, is launched. A new Luna coin is also minted in the process. Here’s what you need to know.

What is Luna 2.0? It is a fork of the original Luna blockchain, which will see the launch of a coin called Luna. Doesn’t the Luna coin already exist? Yes, but the old Luna coin, which went virtually worthless earlier this month, is being rebranded as Luna Classic and trading under the ticker LUNC, Bloomberg reports. The new Luna coin will trade under the LUNA ticker. What about the air raid? An airdrop, in crypto terms, is when coins are given away for free – usually for promotional purposes to generate interest in the coin. The new Luna will be broadcast to existing owners of the old Luna coin (now Luna Classic) and to the owners of TerraUSD, which lost its peg to the dollar, leading to its collapse. How many new Luna will I get in the airdrop? According to a Medium post on the matter, “The number of LUNA you qualify for is determined by the types of tokens you had in the Terra Classic chain, the time period you held those tokens (based on Pre-Attack and snapshots after the attack), and the number of tokens being held. Check out the post for detailed examples. When is the launch? According to to the @terra_money Twitter account, it will launch tomorrow, May 28, 2022, at 6 a.m. UTC (2 p.m. EST). Anything else to know? After the spectacular collapse of TerraUSD and the original Luna a few weeks ago – which wiped out people’s savings – many are wondering why anyone would give this new iteration a chance. Add Mark Cuban to that list: The billionaire and avid crypto investor told Fortune he will not invest in the new Terra chain. When asked if he would invest, he simply replied, “No.”

1/ Yesterday we said Terra 2.0 is coming. It will arrive tomorrow.

The community has been working around the clock to coordinate the launch of the new chain. Subject to possible changes, we expect Terra to go live on May 28, 2022 around 06:00 UTC.

—Terra???? Powered by LUNA ???? (@terra_money) May 27, 2022

This post when it is and why it is controversial? was original published at “https://www.fastcompany.com/90756342/terra-luna-relaunch-crypto-blockchain-explained?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss”

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