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.
Table of Contents
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.
Let's guesstimate some numbers for the LUNA drop.
10% of the supply goes out to about $4.4b in old aUST. Assuming the new chain gains a value of $1.5b (total conjecture):
– $5k in Anchor gets you $170.04 in new LUNA
– $50k in Anchor gets you $1,170.04 in new LUNANot much.
— FatMan (@FatManTerra) May 18, 2022