Terra's revival plan has been officially approved. Here are the ten things you are most concerned about.

On the evening of May 24th, Beijing time, the "Terra Ecosystem Reconstruction Plan 2" proposal (Prop 1623) proposed by Terra founder Do Kwon was formally passed after community voting (the approval rate exceeded the 50% threshold set earlier).

The current voting data shows that a total of 81% of LUNA holders voted for Prop 1623, of which 66.51% (200 million) supported, 21.3% abstained, and 0.33% opposed. According to the voting rules, the total number of votes is about 367 million. According to the voting rules, the total number of votes is about 367 million, and 50% is the passing threshold. At present, 200 million support has exceeded 50%, which means that the vote has been passed.

Regarding the Terra Revitalization Plan, Odaily Planet Daily has compiled the ten things that everyone is most concerned about:

1. The revival plan is not to hard fork the existing Terra blockchain, but to create a new chain; the new chain is called Terra (the token is LUNA), the old chain is called Terra Classic (the token is Luna Classic, LUNC), and the new chain will not share all its historical data with the original chain . It should be noted that the new Terra chain will not have the algorithmic stablecoin UST.

2. The total amount of new LUNA tokens is 1 billion, and network security will be incentivized through token inflation. The inflation rate is temporarily set at 7% per year. In addition, airdrops will also be made to Luna Classic stakers, holders, aUST, UST holders, and important application developers of Terra Classic.

3. Odaily Planet Daily calculated the initial circulation of each part according to the specific airdrop rules: (the snapshot time before the attack is 2022.05.07 23:00:04 Beijing time)

• The community pool received 30% (300 million) of airdrops: 20% of which was controlled by staking governance, with no lock-up period specified, and can be considered part of the initial liquidity; 10% was specifically used for developers, of which 0.5% was "emergency allocation" and would be allocated to developers to build products immediately after the new network was launched, and the remaining 9.5% basically needed to be unlocked. Therefore, the total initial liquidity of this part was 250 million.

• Before the attack, LUNA holders received 35% (350 million) of airdrops: 6.45% of them had wallet addresses with less than 10,000 Luna tokens, which means they received 22.57 million new coins. 30% of these new coins, or 6.77 million, were unlocked at the time of creation, and the remaining tokens were locked for 6 months and unlocked within 2 years; wallet addresses with Luna between 10,000 and 1 million were locked for one year and unlocked in two years; wallet addresses with Luna above 1 million were locked for one year and unlocked in four years. Therefore, the final initial liquidity of this part is 6.77 million.

• Before the attack, aUST (Anchor staking) holders received a 10% airdrop: 30% was unlocked at the genesis, and 70% was unlocked within 2 years after being locked for 6 months. Therefore, the final initial liquidity of this part is 30 million.

• After the attack, LUNA holders received a 10% airdrop: 30% was unlocked at the genesis, and 70% was unlocked within 2 years after being locked for 6 months. Therefore, the final initial liquidity of this part is 30 million.

• After the attack, UST holders received a 15% airdrop: 30% was unlocked at the genesis, and 70% was unlocked within 2 years after being locked for 6 months. Therefore, the final initial liquidity of this part is 45 million.

• To summarize, the initial liquidity of the new Luna token is 361.77 million.

4. The new LUNA chain will take a snapshot at Terra Classic block 7790000 (estimated at 16:20:00 on May 26, Beijing time) , and the first genesis block will be born. At present, major exchanges have not yet issued an announcement to support snapshots. Therefore, it is recommended that users who hold LUNA and UST after the attack withdraw their tokens to the Terra wallet and wait for the snapshot to avoid missing the airdrop.

5. Do Kwon said that the TFL wallet (click to view) will be removed from the airdrop whitelist, making Terra a fully community-owned chain. Currently, there are 300 million LUNA and more than 3 million UST in this address. If you participate in the airdrop distribution, you will take away nearly 110 million new coins.

6. Luna Foundation Guard ( LFG ) currently has 1.85 billion UST and 2.3 billion LUNA in its wallet. Participating in the airdrop will receive 25 million new coins , so some community members proposed to remove the LFG wallet from the LUNA 2 airdrop whitelist, but it did not receive support. Previously, LFG promised to give priority to compensating small UST holders, but no specific plan and standards have been put forward.

7. Previously, the community proposed Prop 1188, attempting to "destroy the remaining UST in the community pool + cross-chain liquidity incentive UST", so that ordinary UST holders can get more airdrops. Although the proposal was eventually passed, it was not successfully executed due to technical failures caused by parameter settings. The community then revised and proposed Prop 1747. The proposal is currently being voted on, but it has not reached the 50% passing threshold. There is still one day left before the end of the vote. It is not clear whether it can be successfully deployed and implemented before the snapshot on the 27th.

8. After Terra is rebuilt, it will not share history with Terra Classic, and DApps or assets from the old chain will not pre-exist on Terra , so DAPPs built on Terra Classic need to be migrated. Currently, many applications including PRISM, Stader Labs, RandomEarth, OnePlanet, etc. have made commitments to migrate to the new chain, and some applications have chosen to switch to Ethereum or other blockchains. Of course, the old chain will not be abandoned, and there will still be nodes (validators) that will choose to maintain operations, and the Terra Foundation has not announced that the old chain will be completely abandoned.

9. Recently, some community members sent LUNA tokens directly to the destruction address. Do Kwon tweeted to remind that this action "has no effect except losing their own tokens."

10. The UST de-anchoring incident also reminds investors that they need to remain rational and cautious when facing high-yield projects, and at the same time diversify their investment portfolios as much as possible and not put all their savings in one basket.