Do you have plenty of Terra Luna coins in your wallet and don’t know what to do during this migration process? Are you confused between questions such as what is Luna, what is Luna Classic, how much is it worth, what is an airdrop? Use this guide to rebrand the original Terra chain as Terra Classic and integrate the new Terra chain. Please read this article entirely, as it contains important information.
Terra Luna and Luna Classic
Per governance proposal 1623, a new chain will be created and will assume the Terra name.
1. The original chain will still function and be re-branded as Terra Classic.
The original Cosmos chain will still run, with market swaps (mint/burn function) disabled.
All balances will remain as they are.
Luna will become Luna Classic (LUNC).
Terra stablecoins (UST, KRT, EUT, etc.) will be renamed Terra Classic stablecoins (USTC, KRTC, EUTC, etc.).
2. The new chain will be called Terra, and will assume all Terra branding assets.
The new chain is also a Cosmos chain, but will not have the treasury, oracle, or market modules of the original chain.
The new chain’s native mining token will be Luna.
There will be no Terra stablecoins (UST, KRT, EUT, etc.) on the new chain.
Branding and Naming convention
The original chain will be branded Terra Classic. The new chain will assume the name Terra.
Terra Classic
The original Terra chain will be rebranded as Terra Classic.
Official chain name: Terra Classic
All Luna currently on exchanges needs to be renamed Luna Classic (LUNC).
All Terra stablecoins will be rebranded as Terra Classic stablecoins. For example, Terra USD (UST) will be renamed Terra Classic USD (USTC) and Terra KRW (KRT) will become TerraClassicKRW (KRTC), etc.
Terra
The new chain will assume the name Terra.
Official chain name: Terra
Luna (LUNA) will be the main staking asset of the chain.
The new chain does not contain any Terra stablecoins (UST, KRT, etc.).
Mainnet launch schedule
05/21 – The new Terra Core release is cut, network launch instructions made available for validators
05/25 – Essential app developer registration completed
05/27 – Genesis file created from final launch snapshot
05/27 – Network launch
Snapshots and Airdrop
Pre-attack snapshot to be taken at Terra Classic block 7544910 (2022.05.07 23:00:04 UTC+08:00).
Post-attack snapshot to be taken at Terra Classic block 7790000.
Note: The post-attack block is estimated to occur on May 27th (2022.05.27 ~03:59:51 UTC+08:00). This block time is an estimate and may be subject to change. Please use the block height rather than the estimated time. Calculations described below should be carried out and resulting values should be utilized to properly calculate airdrop quantities.
Airdrop allocations
All airdrop allocations to UST and LUNA holders will be based on the snapshots listed above. You may review the exchange-relevant allocations below. Note that these allocations exclude the Community pool allocation of 30% as it is irrelevant to exchanges. You may review the original token distribution text proposal on the Agora forum.
Note: Wallets owned by Terraform Labs are excluded from any airdrop allocations. Wallets owned by Terraform Labs will not recieve any token allocation at genesis.
Use different seeds
To avoid user confusion and prevent the sending of funds to the wrong accounts, ensure that the Terra Classic and new Terra chain addresses have different seeds on your exchange. You may want to include a warning to users to make sure they are transacting on the correct chain to the correct address.
Base pairs
Exchanges:
LUNC/USDT
USTC/USDT
Dexes:
LUNC/ETH
LUNC/USDC
Initial supply and inflation
The initial supply of Luna at the genesis of the new Terra chain will be 1 billion coins.
The mint module will release new coins every block as staking rewards at a default rate of around 7% p.a.
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