Updated proposal 1623 has been overwhelmingly accepted
The Terra saga continues after several weeks of turmoil for the community and token holders, culminating in the amended Terra revival proposal 1623 being approved. It will effectively create a new Terra blockchain without the algorithmic UST stablecoin.
The old chain will carry the name Terra Classic, with the token changing to Luna Classic (LUNC), and they named the new chain Terra, with LUNA tokens airdropped to the wallets of those affected by the crash.
The final release of the new Terra Core was unleashed in preparation for the new chain launch on 27 May. The code has also successfully passed an audit by SCV Security. Importantly, LUNA will airdrop to stakers and holders of the old LUNA token, residual UST holders, and essential app developers of Terra Classic. Complete token distribution details can be found in the governance proposal, but to summarize:
● Community pool: 30%
● Pre-attack LUNA holders:…
