Terra Luna Hard Fork Timeline: When Is Luna Fork Launching?

Vinod Dsouza
Terra Luna Hard Fork
Source: fxempire.com

TerraUST and Luna fell to $0 last week as they plummeted 100% after their stablecoin got depegged from 1:1 with the USD. The crash sent shockwaves across the crypto sphere highlighting the fact that not everything named ‘stable’ is indeed stable. Terraform Labs founder Do Kwon had released his third revival plan last week suggesting to Hard Fork Luna. Do Kwon suggested a Terra Luna ‘Hard Fork’ to rebuild the Terra ecosystem. “The Terra ecosystem and its community are worth preserving,” he said in the proposal.

Read More: Do Kwon Dissolved Terra LUNA’s Korean Entity Days Before Crash?

Kwon proposed to fork Terra into a new chain without being connected to the UST. The proposal also claims that Terra will not be bridged to any algorithmic elements.

While the preliminary votes showcased that 92% of users were against the idea, the official governance votes state otherwise. Around 80% of users have voted in favor of Do Kwon’s proposal to create a new chain for LUNA without UST. The governance voting is ongoing and the sheer numbers suggest that users are in favor of the Luna Fork.

When is Terra Luna Hard Fork Launching?

terra luna
Source: Pixabay

After the first round of voting is complete and the majority of users vote in favor of the LUNA Hard Fork, the Terra Core release and launch instructions will be published on May 21. The publishing timeline can be extended as essential developers will have time to register up until May 25.

Also, on May 27, the Launch snapshot for UST and Luna holders will be taken. Do Kwon’s proposal claims that investors in the ecosystem will be airdropped their allocation of 1 billion LUNA. The network and chain upgrade might launch on the same or the next day, but we’ll have to wait for an official confirmation.

Read More: How Many LUNA Tokens Are In Circulation Now? Can It Recover From Here?

Nonetheless, a tentative launch date for the Terra Luna Hard Fork launch is not fully clear and confirmed. The launch of LUNA Fork is expected to be somewhere during the month-end but is not validated either. The development is still under process and the dates might or might not extend further. The dates mentioned can move forward as Kwon’s proposal read, “Snapshots can change depending on development readiness.”

The tokens will be split as below (as per Kwon’s suggestion):

  • 35% will first go to the Luna wallets from a pre-attack snapshot.
  • 25% will then be sent to the community pool which is controlled by a governance order.
  • 25% will be sent to the UST holders during the time of launch of the new chain (Launch snapshot).
  • 10% will go to Luna holders at the Launch snapshot.
  • 4% will be allocated to essential developers.
  • 1% will be guarded as an emergency allocation to the essential developers.