Do Kown, the founder of Terra Luna, launched a new revival strategy for the asset titled “Terra Ecosystem Revival Plan 2 ” a week after the price of LUNA continued to decline and showed no signs of recovery from the latest crash.
As proposed, Terra will be a new chain that isn’t pegged to TerraUSD (UST) or any other algorithmic stablecoin. The new chain will be called “Terra” with LUNA tokens.
Meanwhile, the existing chain will be dubbed “Terra Classic” with Luna Classic (LUNC) tokens.
Luna’s recovery seems to be on the Terra Luna Hard Fork route. If you don’t want to be left behind, get on board now!
Read on to learn more about Luna Classic (LUNC) and the impact of the Terra Luna Hard Fork.
What is Luna Classic (LUNC)?
Luna Classic (LUNC) is the native token of the original Terra Luna blockchain.
The renaming of this token comes after the recent collapse of the UST/Luna crypto asset and the hard fork into Terra.
The term “Classic” seems to follow the split of Ethereum to Ethereum Classic after the 2017 Ethereum DAO hack. So as Kwon pointed out, the collapse of Terra’s UST chain was a watershed moment.
So, When is the release date of Luna Classic (LUNC)?
Luna Classic (LUNC) release date
Once the hard fork successfully splits the Terra Chain into two, Luna Classic (LUNC) will be released.
According to GfinityEsports, assuming all goes as planned, Luna Classic (LUNC) will launch on 27 May 2022.
The new LUNA tokens will be airdropped to LUNA Classic shareholders, remaining UST holders, and developers of the prior versions of the Terra network. With the following division:
35% for pre-attack Luna holders.
10% for post-attack Luna holders.
10% for pre-attack UST holders.
20% for post-attack UST holders.
25% to community pools, where this is controlled by stakeholder governance.
10% of the assets will be given to the developer.
Pre-attack snapshots will be captured from Terra block 7544910, starting 7 May 2022. Post-attack snapshots will be captured at block 7790000 on 27 May 2022.
In addition, TerraForm Labs will not be allocated a new Luna. According to Kwon’s statement, Terra Chain will ultimately be held by the entire community.
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Original post: https://www.azibase.com/2022/05/luna-vs-lunc-review-whats-difference.html?m=1
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