The developers have delayed the launch of the Terra 2.0 mainnet until Saturday, May 28, at approximately 09:00 (Kyiv / Moscow time). The new network’s startup block will publish “a qualified majority of interconnected validators running simultaneously.”

2/ Getting to this point so quickly says a lot about our incredible community of users, validators, developers and exchange partners

We want to thank each and every one of you individually for making this possible

— Terra Powered by LUNA (@terra_money) May 27, 2022

The project team stated that the Terra Station portal, the Terra Finder browser, and the Terra Observer decentralized application center will support the new network after launch.

Terraform Labs also noted that many dapps from the Terra Classic blockchain have migrated to Terra 2.0. The startup sequence and timing depend on a number of factors, including the speed of the command.

The company stressed that the new LUNA token will be listed on “many leading exchanges”. Previously, Binance, Huobi, Bybit, Gate.io and a number of other platforms have announced that they are ready to add cryptocurrencies to the list.

The LUNA airdrop will be held on the new network’s starter block. The developers made the final snapshot for distribution on May 27 at block height #7790000 (Terra Classic blockchain). Upcoming event details and details will The team explained in a recent post.

As part of the distribution, users will not need to “request” tokens – they will be automatically deposited into wallets participating in the distribution.

Terraform Labs added that users who store Terra Classic network assets on centralized exchanges should check how the airdrop will go.

On May 26, the Terra Classic community approved the proposal to burn TerraUSD (UST) in the community pool and stablecoins issued as part of the latest phase of liquidity stimulation on the Ethereum blockchain.

More than 1.3 billion tokens will be withdrawn from circulation – about 11% of the total UST supply. The initiative was supported by more than 99% of the total votes.

The process will take place in two stages. Initially, Terraform Labs will transfer approximately 1 billion UST from the community pool to the address of the Community Core Burning module, which will permanently withdraw assets from circulation.

In the second phase, the team will manually return 370 million USTs from the Ethereum blockchain to the Terra Classic network and destroy them.

Recall that after the collapse of UST and LUNA, Terra developers abandoned the hard fork of the blockchain to start a new network.