Latest News

Terra amends its revival strategy to increase the first token float to 30%

In the latest update to its strategy to restore its reeling ecosystem, Terra has increased its initial token float — tokens that are tradable upon issuance — from 15% to 30% for pre-attack Anchor Protocol UST stakers (aUST) and post-attack LUNA and UST holders.

Following community backlash, Terraform Labs CEO Do Kwon’s “Ecosystem Revival Plan 2” was updated at around 10 a.m. Hong Kong time on Friday to update token allocation.

Wallets with fewer than 10,000LUNA before the attack, which led to the depegging, will have 30% of their holdings unlocked at the introduction of the new Terra network, with the remaining 70% held in a two-year vesting term with a six-month cliff.

Small LUNA holders are now placed in similar liquidity profiles, which cover over 99 percent of all current LUNA wallets, which owned around 6.45 percent of the LUNA supply prior to the incident.

The post-attack UST distribution has been cut from 20% to 15%, with the remaining 5% being redistributed to the community pool, according to the proposed modification.

It also warned the community that UST or LUNA bridged off of Terra or using less identifiable Terra protocols might not be included in the pre-attack and post-attack ownership snapshots.

Despite the revisions, many online community comments on Terra’s proposal remain critical of Do Kwon’s proposal to create a new blockchain.

Related Posts – The Indian Finance Minister hails blockchain technology

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.