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Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop

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Terra founder Do Kwon said the blockchain is in the process of collecting data from major exchanges for the upcoming LUNA airdrop.

Kwon said that because of the large amount of data to be collected, the process is taking “some time.” The move comes as voting shows that a majority of LUNA holders are in favor of Terra launching a hard fork and creating a new blockchain.

The current tally shows that out of 230.9 million votes, 61.7% have voted in favor of the hard fork. Voting will end on May 25.

How will Terra’s airdrop play out?

Under the proposal for the hard fork, the community pool of LUNA holders will receive 30% of the new LUNA supply. Holders from prior to the crash will receive 35%, while those who bought in after the crash will receive 10%.

UST holders on Anchor prior to the crash will receive 10% of the supply, while those who became holders after the crash will receive 15%.

The new chain will entirely discard the UST stablecoin. Most community participants have supported this measure, given that UST’s failure was what caused the crash.

Additionally, the proposal for the hard fork will also exclude Terraform Labs entirely from the new blockchain, making Terra V2 completely community-owned. An old Kwon interview suggests that this aspect of the Terra recovery plan may have been part of a pre-planned “kill switch” protocol.

Other blockchains doubtful over new proposal

But while Terra’s validators and the community appear to be on board with the proposal, other blockchains that Terra once tied up with have expressed their doubts over its future.

Stablecoin exchange Curve recently voted to entirely cull its support for UST. Its community has also opposed supporting the new Terra.

DeFi giant Lido is also set to open a community vote on whether to support the new Terra. While Lido on the old Terra was a resounding success, users bought up an extreme loss of goodwill for Terra after the crash.

Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

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