This Is How LUNA 2.0 Will Be Distributed!

LUNA Airdrop Details

Terraform Labs has provided details on the LUNA 2.0 airdrop, which will take place on May 27, 2022.

The existing LUNA token will be called LUNC, while the new LUNA 2.0 token will be known as LUNA. The new chain will airdrop LUNA tokens to holders of LUNC (Luna Classic), USTC (UST Classic), and aUST (staked UST).

The LUNA 2.0 testnet is now active, and the mainnet will go live on May 27. The airdrop will start when the mainnet becomes operational. You’ll be eligible for the airdrop, according to a Terraform Labs Medium blog post, if you:

At the Pre-Attack snapshot, hold:

• LUNA (including staking derivatives)
• Less than 500k aUST (UST deposited in Anchor)

And/or at the Post-Attack snapshot, hold:

• LUNA (including staking derivatives)
• UST

The snapshot timings used in the above criteria are shown below:

The LUNA 2.0 genesis block will take place on May 27, 2022, at which point 30% of the LUNA airdrop will be distributed, with the remaining 70% distributed over two years with a six-month cliff. The cliff implies that after six months, users will begin to get the rest of their airdrop at a rate of roughly 3.9 percent every month.

“At Genesis, 30% of the LUNA airdrop will be immediately available to Pre-Attack users with wallets that had less than 10k LUNA (including staking derivatives) or deposited UST in Anchor, and Post-Attack users with any quantity of LUNA (including staking derivatives), UST, or both.”

To “preserve network security,” all airdropped tokens will be immediately staked. LUNA that has not yet been vested can be removed at any time. Vested LUNA, on the other hand, will be staked in accordance with the aforesaid schedule. Investors, on the other hand, appear to be able to receive their benefits at any time.

“Users will earn staking rewards on their vesting LUNA starting from the point at which it is staked, and can claim these rewards at any point.”

Regarding vested LUNA, “if a user would like liquid LUNA as soon as their cliff hits, they’ll need to undelegate their staked, vested LUNA at least 21 days before the first day of their cliff.” Table 4 of the Medium postings, however, says that bridging LUNA will be “distributed at a later date.”

LUNA tokens will not be included in LUNA 2.0

Any LUNA tokens presently held in the bridge contract will be placed aside “as part of the community pool for distribution after the chain launches,” according to the contract.

As a result, investors holding LUNA tokens that are bridged off of Terra, such as Wormhole or wLUNA, may want to convert to LUNA tokens before the snapshot.

The followings are some cases in which the airdrop will be unavailable

UST or LUNA bridged off of Terra

• Users with bridged UST or LUNA who would like to be included in the Post-Attack snapshot need to bridge back to Terra before the snapshot is taken.

UST or LUNA on Terra protocols that cannot be easily identified

• All protocols listed on DeFi Llama here will be covered, in addition to a few others that are known.

UST or LUNA on CW3 multi-sig contracts

• Most UST and LUNA in CW3 multi-sig contracts will be accounted for, but there could be edge cases that may not be included.

Supported tokens, exchanges, and chains

The table below summarizes everything that will be included in the LUNA 2.0 airdrop. Binance, Huobi, Bybit, Bitrue, Bitfinex, Kraken, FTX, Gate.io, OKX, and Bitget will airdrop LUNA to investors who held it before the snapshot or who held it during the snapshot on May 26.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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