The Terra community has finally voted over the proposal 1623 to revive the chain from the recent debacle. As per the suggestion, eligible holders will get the airdrop of LUNA over the new chain. Over this major update, the TerraUSD, the meant to be stablecoin, has registered a massive surge in its 24 hour trading volume.
UST prices up by 43% over 24 hrs
The UST is trading at an average price of $0.097, at the press time. TerraUSD prices have jumped by over 43% in the last 24 hours. Meanwhile, UST’s 24 hour trading volume has jumped by a whopping 327% to stand at $230.5 million. As per the announcement, Terra’s new chain will give out new LUNA tokens to Luna Classic and UST holders.
The amount of Luna token one will receive will totally depend on the holder of the token held on the Terra classic chain. It will be based on Pre attack and Post attack snapshots of the number of coins held.
According to the proposal, the community pool will get the 30% of the token distribution. Pre attack LUNA holders will be getting the biggest portion of airdrop i.e 35%. While Post attack UST holders will obtain 15% of it. However, the Pre attack aUST holders and Post attack Luna holders will acquire 10% of the announced airdrop.
LUNA’s 24 hr trading vol up by 60%
Meanwhile, the Terra LUNA 24 hour trading volume has also seen a jump of over 60% to stand at $907 million. There is no such price improvement in the token. However, it is still holding a market cap of over $1.06 billion.
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Terra has mentioned that they would be working with crypto exchanges like Binance, Bybit and BitFinex to issue the new tokens. However, the airdropped LUNA will be vested automatically to Terra validators. This is done in order to maintain network security. The holders can earn staking rewards on their vesting LUNA. However, they can claim these rewards at any point.
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