As we can see from the proposal, Terra is forking into a new blockchain without algorithmic stable-coins, so what can we expect?

First off, let’s talk about what will happen to the current LUNA token when it is renamed to LUNA classic?

We’re not really sure yet. The team has said they will make sure everyone has access to their tokens and that they’ll provide some sort of airdrop, but it’s unclear how much or whether it will be based on volume or just a flat number. We’ll update this post as we learn more.
                                                                                                                                                              
 

So, even if you don’t want anything to do with Terra in the future, which I completely understand because it appears that this community has lost far too much confidence. I’m going to go over what we know so far, as well as what we can expect as ex-UST and LUNA holders:

Will we be reimbursed? how much ?

What about that air drop we’ve been hearing about?
We are expecting something similar to what Kyber did with their air drop — meaning every address will receive some amount of free tokens (whether it’s $1 or $100 doesn’t matter). It doesn’t appear that there will be any kind of volume requirement for this either, so anyone who owns any amount of LUNA/LUNA Classic should receive their share of these coins once they have been distributed by the team.

What are the steps to become eligible? 

All we know right now is that if you hold any amount of LUNA/LUNA Classic in an exchange wallet, then you won’t be eligible for the air drop.

Update 1 :

The old chain, like the old Luna, will not simply vanish; they will coexist. Terra Classic will replace the existing chain, and Luna Classic will continue.

Release Date for Luna 2.0:

If the current vote passes, Luna 2.0 will go live on May 27, the same day as the Terra chain’s genesis block.

These dates, however, are not yet confirmed. Once the revival plan is approved, engineers will have to quickly design the new chain in order to activate it.
This date will also see the existing Luna coin officially renamed Luna Classic.
The pricing of the Luna 2.0 will be the center of attention at launch. While the new coin will represent a new beginning for the network, holders and members of the cryptocurrency world will not quickly forget the demise of Luna Classic.

Airdrop of Luna 2.0
At the debut of the new Terra chain, existing Luna holders will receive Luna 2.0 via airdrop.

The airdrop allocations are as follows, based on a 1 billion supply:
Pre-attack Luna holders: 35%
Post-attack Luna holders: 10%
Pre-attack aUST holders: 10%
Post-attack UST holders: 15%
Community Pool: 30% (with 10% for developers) controlled by Luna stakers.
The TerraForm Labs wallet will be deleted from the Luna airdrop whitelist as well. Terra will be a “fully owned community chain” as a result of this.
Stay tuned!

THANKS FOR READING  :)