Terra Ecosystem Revival Plan 2.0 [UPDATED AND FINAL]
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 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 millions of users across the globe.
Develop a new Terra chain without the algorithm Stableocin. The old Blockchain is called Terra Classic and the new Blockchain is called Terra
Luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
TFL's Wallet will be removed from the whitelist for the airdrop making Terra a fully community-owned chain.
Network security to be incentivized with token inflation. Target staking rewards of 7% p.a
Terra's Developer Mining Program is an essential app that must exist in any web3 ecosystem to be viable.
Infrastructure - Setten
Dex - Astroport, Loop, Terraswap, Pheonix
Explorer - Finder
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
NFT exchange - Randomearth, Knowhere, Oneplanet, Luart, Talis
Insurance - Risk Harbor
Structured products - Nexus, Apollo
Games - UNOPND etc
… and others.
Essential app developer to launch on Terra will receive.
Emergency allocation of 0.5% of total supply, immediately after network launch to provide for runway while they build out the product. Guaranty to returning funds if a product has not been launched in 1 year.
In Developer, Alignment Program totals 1.5% supply, in this protocol that was live in Terra Classic divide allocation weighted by the last 30 day TVL from Pre-attack snapshot 1-year cliff, 3-year vesting thereafter.
Developer Mining Program allocates a total supply of 8%, Essential app developers can earn a share of the mining program proceeds pro-rata to the amount of TVL every quarter up to 4 years.
Let's discuss Terra updated Token Distribution.
Terra's new Token distribution contains a Community pool of 25% that is controlled by staked governance and 10% earmarked for developers.
Pre-attack LUNA holder 35%, All bounded and unbounded Luna minus TFL at Pre-attack snapshot, staking derivatives included for Wallers with <1M Luna for 1-year cliff, and 2 years vesting thereafter. and Wallet with >1 M Luna for a 1-year cliff, 4 years thereafter with a 6-month cliff.
Pre-attack a UST holders for 10%, 500K whale cap-covers up to 99.7% of all holders but only 26.72% of a UST and 15% unlocked at the genesis and 85% vested in 2 years thereafter with a 6-month cliff
10% of Post-attack LUNA holders that Staking derivatives included and 15% unlocked at genesis 85% vested over 2 year period thereafter 6-month cliff
Therefore Post-attack UST holders 20% and 15% unlocked at genesis 85% vested over 2 years thereafter 6-month cliff
Terra Ecosystem's All tokens locked or vesting is staked at genesis and must be unbonded to become liquid.
“Pre-attack” snapshot to be taken at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00)
“Post-attack” snapshot to be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00)
Terra Ecosystem Revival Plan 2 Technical details
Terra Blockchain upgrade to commence in a few hours after the Launch snapshot, Snapshots can change depending on development readiness,
Terra Core to have the oracle, treasury, and market modules removed no UST and Vesting all vesting block by block.
Luna eligibility includes Luna, bonded Luna, unbinding Luna, and staking derivatives.
Terra Ecosystem Revival Plan 2.0 Roles and Responsibilities
TFL to prepare core public infrastructure, wallets, genfile, and release binary for the launch.
Validators to declare gentx and coordinate launch shortly after the launch snapshot, Community leaders looking to provide oversight over the essential dev program should form a multi using to oversee the essential dev allocation and act as a steering committee for the new chain.
Terra Ecosystem Revival Plan 2.0 Roles and Responsibilities Timeline
Quarter 05/17 - Announcement out
Quarter 05/18 - Governance proposal out
Quarter 05/21 - Terra Core release is cut, network launch instructions made available for validators
Quarter 05/25 - Essential app developer registration completed
Quarter 05/27 - Genesis file created from final launch snapshot
Quarter 5/27 ~ Network launch