{"id":62115,"date":"2022-05-27T13:04:22","date_gmt":"2022-05-27T10:04:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62115"},"modified":"2025-09-05T16:03:47","modified_gmt":"2025-09-05T13:03:47","slug":"terra-2-0-mainnet-launch-moved-to-may-28-as-community-approves-burning-1-3bn-ust","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/terra-2-0-mainnet-launch-moved-to-may-28-as-community-approves-burning-1-3bn-ust\/","title":{"rendered":"Terra 2.0 mainnet launch moved to May 28 as community approves burning 1.3bn UST"},"content":{"rendered":"<p>Developers moved the Terra 2.0 mainnet launch to Saturday, May 28, at around 09:00 (Kyiv\/MSK). The genesis block of the new network will be produced by a &#8216;qualified majority of interconnected validators operating simultaneously&#8217;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ To reach this point so quickly speaks volumes about our incredible community of users, validators, developers, and exchange partners \ud83c\udf0e <\/p>\n<p>We\u2019d like to thank each and every one of you for making this possible \ud83e\udd1d<\/p>\n<p>\u2014 Terra \ud83c\udf0d Powered by LUNA \ud83c\udf15 (@terra_money) <a href=\"https:\/\/twitter.com\/terra_money\/status\/1530047590263164928?ref_src=twsrc%5Etfw\">May 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The project team noted that the Terra Station portal, the Terra Finder explorer and the Terra Observer hub for dapps will support the new network after launch.<\/p>\n<p>Terraform Labs also said that many dapps from the Terra Classic blockchain are migrating to Terra 2.0. The sequencing and timing of their launches depend on a number of factors, including the pace of the team&#8217;s work.<\/p>\n<p>The company emphasised that the new LUNA token will be listed on many leading exchanges. <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-exchanges-back-the-terra-revival\">\u0437\u0430\u044f\u0432\u0438\u043b\u0438<\/a> that Binance, Huobi, Bybit, Gate.io and a number of other platforms had expressed readiness to list the cryptocurrency.<\/p>\n<p>The LUNA airdrop will be conducted on the genesis block of the new network. The last snapshot for distribution was taken by the developers on May 27 at block height <a href=\"https:\/\/finder.terra.money\/mainnet\/blocks\/7790000\">#7790000<\/a> (Terra Classic blockchain). Details of the upcoming event and the vesting scheme, the team disclosed in a recent <a href=\"https:\/\/medium.com\/terra-money\/terra-2-0-luna-airdrop-cd08a6d9cfcd\">publication<\/a>.<\/p>\n<p>In the distribution, users will not need to &#8216;claim&#8217; tokens \u2014 they will be automatically credited to wallets participating in the airdrop.<\/p>\n<p>Terraform Labs added that users holding Terra Classic assets on centralised exchanges should check with the exchanges how the airdrop will proceed.<\/p>\n<p>On 26 May the Terra Classic community <a href=\"https:\/\/station.terra.money\/proposal\/1747\">approved the proposal<\/a> to burn TerraUSD (UST) held in the community pool, as well as the stablecoins issued under the final stage of liquidity mining on the Ethereum blockchain.<\/p>\n<p>From the proposal more than 1.3bn tokens will be taken out of circulation \u2014 about 11% of the total UST supply. The initiative was supported by more than 99% of the total votes.<\/p>\n<p>The process will occur in two stages. In the first, Terraform Labs will move about 1 billion UST from the community pool to the Community Core Burn module address, permanently removing the assets from circulation.<\/p>\n<p>In the second stage, the team will manually return 370 million UST from the Ethereum blockchain to the Terra Classic network and burn them.<\/p>\n<p>Earlier, after the collapse of UST and LUNA, Terra developers <a href=\"https:\/\/u1f987.com\/en\/news\/terra-developers-to-launch-a-new-network-instead-of-conducting-a-hard-fork\">abandoned the hard fork of the blockchain<\/a> in favour of launching the new network.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developers moved the Terra 2.0 mainnet launch to Saturday, May 28, at around 09:00 (Kyiv\/MSK). The genesis block of the new network will be produced by a &#8216;qualified majority of interconnected validators operating simultaneously&#8217;.<\/p>\n","protected":false},"author":1,"featured_media":62116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[852],"class_list":["post-62115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"45","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62115"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62115\/revisions"}],"predecessor-version":[{"id":62117,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62115\/revisions\/62117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62116"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}