Terra 2.0 Genesis is coming, who will get the LUNA airdrop?

Terra’s proposal 1623 to revive the collapsing ecosystem by forking the blockchain and starting over with new token economics has gained a lot of momentum and support, especially from those who suffered heavy losses in the UST and LUNA crashes.

Late last week, three changes to the proposal were made that affect those who held tokens before and after the “attack.” Terra's official Twitter channel also revealed that there will be no hard fork, but Terra 2.0will be a brand new genesis blockchain.

On May 25, Terra validator "Orbital Command" tweeted a long post detailing thedetails of the Terra 2.0 network, announcing that the new chain willgo live on Friday, May 27.

who gets what

According to validators, the Terra 2.0native asset will be calledLUNA, the old token will be LUNA Classic, and four groups will be eligible for an airdrop of the new token.

These are investors who held both LUNA and UST before the "attack", and investors who bought both tokens after the ecosystem started to decline. The pre-crash snapshot was taken on May 7, while the post-attack snapshot will be taken on May 27.

LUNA holders before the attackwill receive a very close to 1:1 airdrop, while those who bought tokens after the crash will only receive 1:0.000015 (LUNA is currently trading at $0.00016).

UST holders get worse deals with those holding the stablecoin, who only got 1:0.033 before the stablecoin dumped from its peg, and those who bought after getting 1:0.013 (UST currently is $0.067).

For example, someone who held 1,000 UST onMay 27th will receive 13 new LUNA tokens, while someone who held old LUNA on May 27th will only receive 0.15 new LUNA for every 10,000 LUNAs held Token. Only about a third of all airdrops on Friday will be sent:

“Regardless of which category you fall into, you will receive 30% of the air investment funds starting May 27th, and the remaining funds will be distributed linearly in 6-month time frames over 2 years.”

Additionally, the airdrop will be in a "locked state", meaning there is a 21-day unlock period before the transfer becomes available. It was this non-binding delay that cost thousands of investors and stakeholders millions of dollars when the system crashed.

It's too late to stop the crypto winter

Several projects have pledged support for working withTerra 2.0, includingNebula, Sigma, Prism, Astroport, Phoenix, Nexus, Spectrum, Anchor, One Planet, Random Earth, and Coinhall.

However, for the entire cryptocurrency market, the grandplan of Terra’s revival is too little, too late, as sentiment is now firmly in bearish territory. The market has fallen43% since the start of the year, equating to a whopping $1 trillion leaving the space as another lengthy bear cycle begins.