Got Luna Coins? Here's What You Need to Know About the Terra 2.0 Airdrop

You may have been crying lately with the violent crash of UST and the Luna token. Rest assured, many of us felt the same way.

However, many people have supported Terra Blockchain. After all, we're dealing with a recent technology (blockchain). So it's normal to have flaws and errors. What matters is learning. For example, we have a better understanding of algorithmic stablecoins . Now, we're going to correct these flaws and not dwell on them.

In short, the community of users, validators, developers, and exchange partners have expressed their desire to see the Terra blockchain rise from the ashes. Of course, founder Do Kwon is also on board…

It has been agreed, to the great delight of the lunatics, that a new version of Terra will be put in place in May 2022. The old version will therefore be called Terra Classic (to help us make the distinction).

The good news is that an airdrop is planned for Luna hodlers. We just got the information and it already does us good.

A migration to Terra 2.0 planned

Terraform Labs said the migration to Terra 2.0 was scheduled for May 28 at 6 a.m. UTC. If you are in France, this will happen on May 28 at 8 a.m.

Originally, the Terra 2.0 migration was scheduled to happen on May 26, but ultimately, this was postponed. This postponement is explained by endless debates between Terra Blockchain validators. It was not easy, we can understand, to coordinate everything and come to an agreement.

The debate mainly consisted of whether or not to create a fork of Terra. This proposal was rejected by the majority. She preferred to start from scratch, to put it simply. So no fork. A new Terra blockchain will be created and accessible from May 28, 2022.

DApps and protocols within the Terra Blockchain ecosystem will also need to migrate to the new chain. Similarly, the Terra Station wallet will also be functional with Terra 2.0.

? How to benefit from Luna airdrop?

The Luna airdrop will take place on the first block of the new chain. Validators will be able to stake Luna to enhance network security. Staking Luna will be possible on Terra Station. After the first block, users will not earn any more Luna for at least the first six months.

By staking Luna, holders will also be able to participate in the governance of the new blockchain.

Now, if you had LUNA on exchanges, it will be even simpler. Here's how it will work for you.

? Receive your airdrop on exchange platforms

Several exchanges (almost all) support Luna token migration and airdrop. ?‍? Phew!

Among the exchanges that will deliver the Luna airdrop are: Binance , OKX , Kraken, FTX, Bitfinix, Bybit , KuCoin , Gate.io, Bitget, Bitrue, Okcoin, BigONE, AtomicWallet.io, LBank.info, Upbit, Huobi and MEXC Global.

Moreover, the list is not yet exhaustive at the time of writing this article.

Ideally, you should check directly on the exchange platform you use. In fact, more specifically, the platform where you held your Luna tokens.

⚠️ How will this happen in practice

✅ Indeed, the airdrop will be dropped directly to people who have LUNA. There will be no airdrop for those who do not have Luna. Any LUNA and UST balances you have will be worth $0 during the migration.

✅ You should know that the names will be changed. The LUNA token (old) and the UST token (old) will be renamed to LUNC and USTC.

➡️ On 2022-05-26 at 14:00 p.m. (UTC), LUNA (old) and UST (old) deposits and withdrawals were all suspended. LUNA spot trading pairs have been suspended as well. Likewise, all pending orders were canceled on the same day at 15:00 p.m. (UTC).

➡️On 2022-05-30 at 09:30 (UTC). Trading will open for spot trading pairs LUNC and USTC will resume on the majority of exchanges. You need to check with your platform for the exact dates.

⚠️ Terms of distribution of the Luna Token airdrop

You should know that the Luna Airdrop will take place under two important dates. This is called the pre-attack period and the post-attack period.

For example, I've included a screenshot of the Luna airdrop on Binance below. It will be more or less the same on other exchanges.

• Pre-attack: All holders with a balance of 10k Luna or less will have 30% unlocked at block genesis. then, they will receive the 70% acquired over 2 years which will begin after 6 months. This would cover 99,81% of Luna wallets in the end. This includes balances deposited in Spot, Margin, Savings and Staking accounts as well.

• Post-attack: 20% → 15%. This is to ensure that the allocation linked to depeg is equal to the original allocation of the stakeholders (pre-attack). The 5% saved goes to the community pool.

In short, you don't need to do anything. The platforms will pay you your tokens automatically.

⚠️You can find out more about airdorp distribution on the Terra Blockchain agora forum here.

You can also read our article on the lessons learned from the Luna massacre and also our profile of Do Kwon , the controversial founder of Terra…

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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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