The Future of TNS
Dear TNS community,
What’s happened over the past few weeks has been extremely tough for the crypto community, especially those who called themselves “Lunatics”. We, as a protocol in Terra ecosystem, are truly sorry for everyone who was affected by this.
We want to address some future plans regarding our direction for Terra Name Service (TNS).
TL;DR
- Disable domain Renew/Register on Terra Classic
- TNS will be deployed on Terra 2.0
- TNS will migrate domains on Terra Classic to Terra 2.0
- New $TNS token will be airdropped on Terra 2.0
TNS and Terra 2.0
Our journey on Terra has been super exciting and meaningful. We feel grateful to be a part of this community and intend to continue to provide an easy way to transfer funds across the blockchain for each and every #LUNAtics on Terra 2.0.
TNS Domain
Disabling Renew/Register
TNS had been using $UST as a currency to purchase a domain name for the past year. Since the $UST lost its peg, we decided to disable the domain renewal and domain registration until we have a clear direction on how the Terra ecosystem will move forward.
Terra 2.0 Domain Migration
When the Terra 2.0 network is ready (27th May, source), we will migrate every .ust domain in Terra Classic to Terra 2.0. Every domain holder who owns .ust domains before the disable date (20th May) will be automatically migrated for free, without the need to re-purchase.
How do I make sure my .ust domain will be migrated correctly?
You can navigate to your domain and make sure that the “Owner” address is your own address. New domains on Terra 2.0 will be created with the same “Owner” address on Terra Classic.
No matter if you purchased the domain directly through https://tns.money website, or traded on secondary market such as Knowhere.art or RandomEarth.io, if the “Owner” address is yours, then you will still be the owner of the domain on Terra 2.0.
I listed my domain on a secondary market. Will my domain be migrated?
When you listed your domain on secondary markets such as Knowhere.art or RandomEarth.io, you actually transferred the ownership to them (you will notice that the domain “Owner” address is not yours anymore).
The new domains on Terra 2.0 will actually be owned by the marketplace smart contract, not you. Since every smart contract state will be erased on Terra 2.0, you will have a chance to lose your domains forever.
We recommend you to de-list and withdraw it out of those marketplaces, so that the ownership is transferred back to you before the migration snapshot date.
$TNS Token
Since TNS will be running on two networks, there will be two sets of $TNS tokens:
- $TNS tokens on Terra Classic, which the utility is to be decided later
- $TNS tokens on Terra 2.0, which will be used to govern, provide LP, and stake on Terra 2.0
It is possible that the payment options of TNS domain names on both chains will be changed, since $UST is not an appropriate payment medium anymore. The official price and new payment options of TNS domain will be announced as soon as possible.
$TNS Token Migration
The new $TNS tokens will be distributed to:
1. $TNS Holders on Terra Classic
— Every on-chain $TNS holder on Terra Classic will get 1:1 airdrops of the new $TNS token on Terra 2.0
2. $TNS Holders on Exchanges (MEXC, Crypto.com, etc.)
— Since crypto exchanges are using one centralized on-chain wallet, each user does not truly hold any token. You will NOT get any $TNS airdrop as it is not recorded on the blockchain and it is outside of our control. New $TNS will be airdropped to the centralized wallet of the exchanges, it is up to them whether they will re-distribute it to $TNS holder on the platform or not.
**So it is recommended to transfer it out of crypto exchanges and hold it in your on-chain wallet (e.g., Terra Station Wallet)
3. $TNS Stakers
— If you staked $TNS on the Governance Staking, you will also receive a 1:1 airdrop on Terra 2.0
4. TNS-UST LP Providers
There are 2 main scenarios:
4.1 TNS-UST LP provided on Terraswap or TNS’s LP Staking UI
— You will receive a 1:1 airdrop on Terra 2.0
4.2 TNS-UST LP provided on other platforms (e.g., Astroport, Spectrum, Loop)
— You will NOT get any airdrop. To be eligible for Terra 2.0 $TNS airdrop, you will need to withdraw it out as $TNS and hold it on your Terra Wallet.
The snapshot of the new $TNS token distribution will be taken on block 7790000 (27 May 2022, 03:59:51 +08:00)
We appreciate all the support from our TNS community over the past year and thank you for your patience. Don’t hesitate to reach out to our team on Discord if you have any questions or concerns.
Together, we rebuild!
Website: tns.money
Twitter: https://twitter.com/tns_money
Telegram: https://t.me/tnsmoney
