Terra 2.0 Launch Delayed as Investors Eagerly Await Airdrop

QUICK TAKE:
After the proposal for forking Terra passed this week, Terra 2.0 will be launched tomorrow
The creation of the first block will be followed by an airdrop of the new Luna for those who held UST and LUNA Classic earlier
Many leading exchanges, including Binance and FTX, have agreed to list the new coin and are also assisting with its airdrop
The Terra ecosystem has managed to bounce back fairly quickly after it crashed earlier this month. With the proposal for Terra 2.0 already passed by the community, the genesis of the new blockchain can take place tomorrow, a day’s delay. Moreover, the formation of the first block will be followed by an airdrop of LUNA for those who remained loyal to the network.

Terra 2.0 launch delayed

In a Twitter post earlier today, the network revealed that Terra would go live on May 28th, 2022 at around 06:00 AM UTC. However, this is subject to potential change if anything goes awry. The network had earlier expected the launch to take place on May 27 instead. Nevertheless, it comes just over two weeks after the entire Terra ecosystem had crashed. This had also sent both its UST stablecoin and governance coin LUNA into a death spiral.
In an attempt to revive the ecosystem, and reward those who lost millions in the crash, a proposal to bring in a new network was recently passed. This will remove the algorithmic stablecoin UST from the network. Moreover, the new LUNA will be airdropped to previous holders.
Ahead of the genesis block launch tomorrow, Terra has released some steps it is taking to smoothen the process. It noted that the preultimate-genesis.json file would soon be shared with the validators participating in Genesis. Moreover, it said that the first block of the new chain “will be produced following a supermajority of interconnected validators running simultaneously.”