DEFI

Fastest execution on 5/27! Do Kwon: LUNA hard fork proposal goes live, old tokens become LUNC, new version continues as LUNA

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Fastest execution on 5/27! Do Kwon: LUNA hard fork proposal goes live, old tokens become LUNC, new version continues as LUNA

Terra founder Do Kwon has proposed a hard fork for LUNA, which will rename the existing Terra blockchain to Terra Classic with the token as LUNC; the new chain post-fork will retain the token name as LUNA. If the proposal is approved, a snapshot will be taken on 2022.05.27 03:59:51+08:00, and the new network will be launched.

New Hard Fork Proposal Token Allocation

Community Pool: 25%

  • Controlled by governance through staking
  • 10% dedicated to developers

Pre-attack LUNA Holders: 35%

  • All bonded / unbonded Luna subtracted from Terra Foundation in the pre-attack snapshot; including staked derivatives
  • For wallets with < 1M Luna: 1-year lockup, 2-year linear unlock
  • For wallets with > 1M Luna: 1-year lockup, total 4-year linear unlock

Pre-attack aUST Holders: 10%

  • 500k cap for potential whales, covering up to 99.7% holdings but only 26.72% of aUST
  • 15% unlocked at genesis block; 85% with 2-year linear unlock, 6-month lockup

Post-attack LUNA Holders: 10%

  • Including staked derivatives
  • 15% unlocked at genesis block; 85% with 2-year linear unlock, 6-month lockup

Post-attack UST Holders: 20%

  • 15% unlocked at genesis block; 85% with 2-year linear unlock, 6-month lockup

Pre-attack defined: Terra Classic block 7544915 2022.05.07 23:00:04+08:00
Post-attack defined: Terra Classic block 7790000 2022.05.27 03:59:51+08:00

Prominent Terra community member FatMan does not hold high expectations for the compensation this proposal can offer. He stated that he believes someone with $5000 in Anchor may only receive new LUNA worth $170.04, and someone with $50,000 may only receive new LUNA worth $1170.04.