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Terra Luna Crypto News: 01. Binance’s Luna investment was worth $1.6 billion. Now, it’s less than $3,000, and the CEO is moving to protect users #binance #luna #terra #terraluna

Most important:
Terra Ecosystem Revival Plan 2:
his will be a living document to coordinate the fork with the community. Details are subject to change.
Terraform Labs will put this proposal up for a governance vote on 5/18 Asia time. If passed, it will coordinate the network fork pursuant to the “Timeline” below.
Special thanks to everyone that submitted great ideas on Agora and the “Rebuilding Terra” group.
Motivation
Terra is more than $UST.
While UST has been the central narrative of Terra’s growth story over the last year, the distribution of UST has led to the development of one of the strongest developer ecosystems in crypto.
The Terra ecosystem and its community are worth preserving.
Terra’s app ecosystem contains hundreds of developers working on everything from defi to fungible labor markets, state-of-the-art infrastructure and community experience
Terra Station has a large install base, with million+ users across the world
Although distressed, strong brand recognition and a name that almost everyone in the world will have heard about
$UST peg failure is Terra’s DAO hack moment – a chance to rise up anew from the ashes.
Summary
Fork the Terra chain into a new chain without the algorithmic stablecoin. The old chain to be called Terra Classic (token Luna Classic – LUNC), and the new chain to be called Terra (token Luna – LUNA)
Luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
TFL’s wallet (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6) will be removed in the whitelist for the airdrop, making Terra a fully community owned chain
Allocate a large portion of the token distribution in 1) providing emergency runway for existing Terra dapp developers 2) align interest of devs with the long term success of the ecosystem
Network security to be incentivized with token inflation. Target staking rewards of 7% p.a.
Essential app developer program
There are essential apps that must exist in any web3 ecosystem to be viable:
Infrastructure – Setten
Dex – Astroport, Loop, Terraswap
Explorer – Finder, terrascope
Payments / onramp – Kado, Alice
Wallet – Station, Leap, Falcon
Lending market – Mars, Edge
Analytics – Coinhall, Flipside
Staking derivative – Stader, Lido, STEAK, PRISM
Launchpad – StarTerra
Bridges – Axelar, Wormhole
Stablecoins – USDT / USDC bridged over from Wormhole
NFT exchange – Randomearth, Knowhere, Oneplanet, Luart, Talis
Insurance – Risk Harbor
Defi strategies – Nexus, Apollo, Aperture
Games – UNOPND etc
… and others.

Essential app developers committing to launch on Terra will receive:
Emergency allocation (1% of total supply) immediately after network launch to provide for runway while they build out product. Commit to returning funds if product has not been launched in 1 year
Alignment allocation (4% of total supply) to be vested to dev teams that ship product and show traction. Allocation to be determined by governance, ruleset to be debated by community.
Essential app developers looking to join should signal public support for the fork on Twitter and social channels, and coordinate with the community multisig

Token Distribution
1,000,000,000 Luna tokens
25% – Community pool, controlled by staked governance
1% – Essential Developers emergency allocation. No lockup
4% – Essential developers (1 year cliff, 4 year vesting thereafter, granted after launch traction)
35% – All bonded / unbonded Luna, minus TFL at “Pre-attack” snapshot
For wallets with – 1M Luna: 1 year cliff, 2 year vesting thereafter
For wallets with- 1M Luna: 1 year cliff, 4 year vesting thereafter
10% – Luna holders (staking derivatives included) at the Launch snapshot – 10% unlocked at genesis, 90% vested over 2 years thereafter
25% – UST holders at the Launch snapshot – 10% unlocked at genesis, rest vested over 2 years thereafter
All tokens locked or vesting is staked at genesis, and must be unbonded to become liquid.

Technical details and Roles and Responsiblities are here:
https://agora.terra.money/t/terra-ecosystem-revival-plan-2/18498

Time Line:
05/17 – Announcement out
05/18 – Governance proposal out
05/21 – Terra Core release is cut, network launch instructions made available for validators
05/25 – Essential app developer registration completed
05/27 – Genesis file created from final launch snapshot
5/27 – Network launch

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