Here’s what you need to know about rebooting and airdrops

Terra’s crash was an unprecedented disaster. The top ten projects lost 99 percent in just one week at the beginning of May. The team surrounding controversial founder Do Kwon now wants to save the cryptocurrency: With the birth of Terra 2, a new blockchain.

The controversial re-launch will take place on Saturday, May 28. The team is compensating small investors affected by Terra via Aidrop. They get the new token in their virtual wallets. It is said to hold the Terra ecosystem into the future.

We will briefly clarify the most important questions: What will change the result of Tera 2? Who is eligible for compensation and how do I calculate my shares? What cryptocurrency exchanges support airdrop? What if I don’t hold my coins on the stock exchange?

1. What will change with Terra 2?

The new blockchain bears the old name: Terra (Luna). The test network went live on Wednesday, and the main network will start on Saturday. The current blockchain continues to operate under the name Terra Classic (LUNC). With the re-launch, the team is separating ways from the algorithmic stablecoin, UST. His controversial performance led to the project’s rapid rise – and collapse. You can find out all the basic information here.

Do Kwon and his team have to prove that their ecosystem can function without terrestrial reservoirs. The founder was also threatened with prosecution in his native South Korea. A battle for ecosystem developers has also begun. Polygon is currently wooing them with a “multi-million discovery” to switch to Ethereum.

2. How does airdrop work on Saturday?

The exact time of launch is not yet known, but the process is known. All owners of Terra Classic and/or land lockers will be sent a new Terra code to their virtual wallets. Only 30 percent of the total compensation will be distributed on Saturday.

Investors will receive the remainder of the airdrops at regular intervals over the next two years. These tokens are placed in the new network for “security reasons”. Owners are rewarded for storage in the form of newly created tokens.

3. Who is eligible for airdrops and how do I calculate my compensation?

In a blog post on Medium, the team explains all the financial details of the airdrop. You can read it here.

The team allocates investors according to different criteria. Determining factors for eligibility for airdrops and the amount of individual compensation are the length of time a person holds their Luna or ground tanks and the amount of tokens.

There are basically two groups: before and after the network “attack”, dated May 7 (before) and May 27 (after). All specific details about the conditions can be found in this table from the team.

Some explanations: the “shot” combines the holding period (before or after the attack), the “asset type” and token type (Luna or UST), the “amount in the wallet” and the number of tokens and the “maturity” of the compensation period. “Unlocked at genesis” means that you get the codes directly for reboot. “Vested over” means that the remaining tokens are distributed in smaller amounts over a certain period of time. The shelf is the waiting period between the first reboot payout and the subsequent payout.

Example based on the first line: Anyone with less than 10,000 colors before the attack (shot and quantum) gets 30 percent immediately to restart (unlocked when configured) and 70 percent over two years (granted) after a six-month waiting period (cliff) .

You can calculate your individual status with this calculator:

4. What cryptocurrency exchanges support airdrops?

According to Terra, major cryptocurrency exchanges support a relaunch: up a littleAnd the BinanceAnd the octopusesAnd the FTX And the Gate. More could follow in the next few hours. If you hold your tokens in these exchanges, you will automatically receive an airdrop. Learn about special conditions and the process directly from the exchanges. Most of them have posted information about this on their websites and on Twitter.

5. What should I do if I am carrying my coins directly into the Terra Wallet?

If you have your coins in the Terra Station Wallet, you don’t have to do anything. It is enough if you register with the same seed in the new mainnet (Phoenix-1) after rebooting. The asset generates the same old blockchain address. Your share of new tokens will be sent there.

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