Terra 2.0 Is Officially Approved As Testnet Goes Live

It is still not clear how the new Terra 2.0 will be traded following the crash of the old ecosystem that caused major exchanges to delist LUNA and UST.

Terra’s much-anticipated revival plan has now been officially approved by 65.5 percent of holders.

According to the proposal, the Terra 2.0 blockchain will now be officially launched on May 27, starting with an airdrop of new LUNA tokens to existing chain holders.

Terra validator Orbital Command also announced in a tweet that the Terra 2.0 testnet is now operational.

The blockchain will now take a snapshot of its 7,790,000th block by May 26, with the airdrop beginning later this week. The initial liquidity from the airdrop will be distributed equally among large ansmallholdersrs of the old LUNA.

Holders from both before and after the crash will be eligible for the airdrop, but holders from before the crash will receive more tokens.

65.5% Of LUNA Holders Approve Terra 2.0

The vote was attended by approximately 83.3 percent of LUNA holders (305.98 million holders). Nearly 21% of those polled did not vote, while more than 13% voted against the move.

The move has been vetoed by 13.2 percent of voters. Terra has not yet stated how she will handle the veto.

Do Kwon, the founder of Terra, and Terraform Labs (TFL) recently announced that they were collecting snapshot data from major exchanges for the airdrop. The airdrop will be available to LUNA and UST holders across all Terra DeFi platforms.

TFL and Kwon will also be excluded from the Terra 2.0 airdrop, as their wallets are not included. The new blockchain will be entirely “owned by the community.”

Terra will be the new name for the old blockchain.