Did you have Luna coins? 🪂 Here's what you need to know about the Airdrop Terra 2.0

You may have been crying lately with the violent crash of the UST and Luna token. There have been many of us in this situation, rest assured.

However, many people have supported Terra Blockchain. After all, we are dealing with recent technology (blockchain). It is therefore normal to have flaws and errors. What matters is learning. For example, we have a better view of the algorithmic stablecoins. Now we are going to correct it and we are not going to feel sorry for ourselves.

In short, the community of users, validators, developers and exchange partners have expressed their desire to see the Terra blockchain rise from its ashes. Of course, the founder do kwon is also there…

It was agreed for the greatest happiness of lunatics that a new version of Terra would be implemented 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.

The Dapps, ecosystem protocols Terra Blockchain will also have to migrate to the new chain. Likewise, the Terra Station wallet will also be functional with Terra 2.0.

🙏 How to benefit from the Luna airdrop?

The Luna airdrop will take place on the first block of the new chain. Validators will be able to stake Luna to strengthen network security. It will be possible to stake Luna on Terra Station. After the first block, users will not earn further LUNA for at least the first 6 months.

By doing staking of 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 exchange platforms (almost all) support Luna token migration and airdrop. 😮‍💨 Phew!

Among the exchanges that will deliver the Luna airdrop are: Binance, OK, 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.

The ideal is to check directly on the exchange platform you are using. In fact, more precisely, the platform where you had 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 took a screenshot of luna's airdrop on Binance below. This will be more or less equivalent on other exchange platforms.

• 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 learn more about airdorp distribution on the Terra Blockchain agora forum here.

You can also read our article on The lessons learned from Luna's massacre and also our portrait on 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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