We have some really big updates to talk about for Terra Luna the cryptocurrency and I want to update you, so everything you need to know about Terra Luna right now, we’re going to cover it.

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I want to let you know we’ve had a big surprise twist in the story of Terra Luna. So, have a look at this early polling from Terra vote indicates 91 are in favor of rebirth. This is really interesting, the last couple of samples, we’ve done having a look at the response to the Terra Luna fork proposal. Originally, the initial reaction from social media was people were not in favor of this fork from what I could see. However, have a look at this. We’ve had a huge change with 91 percent in favor of rebirth and it’s saying right here in this article despite the overwhelming approval of the proposal as of Wednesday. Many Terra users on social media suggested the network burn its Luna tokens and it says here in a proposal open to Terra community on Wednesday, more than 91% of votes at the time of publication were in favor of rebirthing Terra. 

Network roughly 85 million out of 93 93 million with up to 284 million votes yet, to be cast the proposal needs roughly 188 million votes in favor to pass before the window closes on May the 25th. At the time of publication the biggest validator to come out in support of the proposal is Terra infrastructure provider orbital command holding 1.39 of the voting power major validators with more than two percent of the voting power have not yet made a decision including cross-chain stable coin, Bank Orion money with eight point six three percent of the voting power. We do know this proposal. It’s not going to have UST with it and that there will be a new blockchain coming out for this.

What’s going to happen? It does look initially right now, it potentially will go to a fork, it will potentially go to an airdrop. This is surprising because I’ll be honest with you about a lot of the polls. I did put out people who are against this. But, it does look if we go to the official vote that has just been opened on Terra station. This is the official one, this is not an unofficial vote. You can see right here, so here are the agora post links to the proposal plan that we’ll take a look at soon and have a look at the votes that are flowing in for this so 125 million votes at the moment. 87.48 percent are now in favor, so that is 110 million votes. According to this article, they need to get to 188 million votes and if we look at the live numbers, you can see it’s at 110 million. It will go through, so i’m predicting if the votes maintain their current structure the fork will go through, the air drop will go through. Who has yet to vote you can see him right here Orion money eight point six two percent and who wants to contact them to get them to vote stake systems four point eight six percent smart stake three point eight nine percent and a couple of other ones as well. Wo, this is what it’s looking like. This means the fork potentially is going ahead.

So, we have some breaking live updates for you. This is really interesting. What I am kind of seeing from this, is a lot of the ecosystem developers behind Terra chain, Terra Luna. They want to go over to the new chain, so they are thinking the best step forward is for this crypto to start a new chain to start fresh on the new chain. What does it mean for you? So, if you hold Terra Luna right now. Let’s do a refresher. What does this mean for you? If this proposal does go through, what you need to be paying attention to so we’ve been through this article in depth before. But, let’s just go to the key points for you and it’s down the bottom here. What’s important is, if you held Luna pre-attack 35 percent of the new chain, tokens are going to those people right there. 

So, when is the pre-attack date and if we have a look down here pre-attack snapshot to be taken a Terra classic block seven five four four nine one zero which is on the seventh of May seventh of may right there if you held bonded or unbonded luna, You’re gonna be entitled to some of the new airdrop right there on top of that. You also have, they’ve changed it actually. This has changed from the last update, we’ve done so. This is a living document changes are coming through rapidly pre-attack a UST holders 10. If you had UST right there and it has a 500k whale cap on it and covers up to 99.7 of all holders. There’s going to be some staking with that, but you are also entitled to some of this free crypto this airdrop that is happening pre-attack date. Again, if you held a UST and you fulfill the requirements right here and that date is the 7th of May 2022 potentially. You’re going to get an allocation of split between 10 right there post attack Luna holders 10. You are also going to get some airdrop of this cryptocurrency, so post attack.

Let’s read it down the bottom. This is going to be taken on the 27th of May right there and also post-attack UST holders 20 right there on the 27th of May. What does this mean? So, that means if you hold Luna or UST right now, you hold it up to the 27th of May and it’s in a compatible wallet or it’s in a supported exchange. So, Do Kwon has been saying this on Twitter. People who are on big large exchanges, they’re going to work with those exchanges to help support the airdrop. That is my understanding and you can see some here people are asking about exchanging air drops and Do Kwon is saying there will be exchange support. So, we’ll see exactly what crypto exchanges cover it. But, I would guess again not financial advice, but it would be the big ones like Q coin like those other big ones as well Binance. 

Would I work with Do Kwon in this situation? But, we’ll find out in the city. But, that information, of course, can change in the future. This is a really big update, so this has changed a lot of things. So, I thought originally this proposal wasn’t going through. But what I can see is kind of reading through all this information right now. What’s happened is all the ecosystem developers behind Terra station. They’re really getting involved in this and they want to go to a new chain and that seems to be happening. Terra Luna version two is going to happen,  so what does this mean for the price of Terra Luna right now? What will happen, in my opinion, is what we’re looking at right now is Luna USD. This is going to turn into v1 of Luna. This is going to be the old classic version of Luna and on the 27th of May, if all this goes through, you’re going to get v2 of Luna. So, if you hold Luna, you’re going to get entitled to the new version of Luna and that potentially will have some value. 

That value will be determined on exactly what we’ve been speaking about before. What needs to happen is the ecosystem needs to get built out for Terra Luna version 2. You can see it right there developers need to move across people in the community need to move across. They need to get on that chain and then projects need to start on that chain. Then what you’re going to find is the TVL of that chain. If all is good and all the development is going well, what’s going to happen is the TVO of that chain? Will go up? You can see the chains behind me, you got Ethereum binary smart chain, Avalanche, Tron, Solana and if Terra Luna can work its way back up that’s where the price increases for Luna will go. But, it is a big game and again with crypto it is high reward high risk. Potentially bearish scenario, the price could also go down as well. If this doesn’t pull off, so I’m here to give you that fair and balanced point of view. It’s gonna be interesting to see how this one goes. I’m hoping version two of Luna does go well. If it does go to a version two and we’ll just see. 

This article is a transcription of a video made by Crypto ZEUS

Original video: https://youtu.be/-L2YK1cz95I