After the UST de-pegging crisis that has influenced the price of Luna token to drop drastically over the past two weeks, there’s been a proposal by the Luna founder Do Kwon – which was meant to be a recovery plan for the Luna ecosystem tagged as Luna 2.0.
The revival plan was to create the fork of the existing blockchain – and name the new chain Luna classic while the old chain Terra classic.
According to the revival plan, the new chain will launch with no stablecoin (UST), but a new Luna token – which will be capped at 1billion total supply only.
However, there would be Luna 2.0 airdrop for the UST investors that had been holding UST and Luna before the massive crash.
Before I share with you – the details of the Luna 2.0 airdrop, let’s get the details of the Terra Luna as per Coinmarketcap.
What Is Terra (LUNA)?
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.
Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
Luna 2.0 Launch Date
The Luna 2.0 launch date is expected to be on May 27, the new chain may probably go live on that date – as that’s also the genesis block of the previous (old) Luna.
Luna 2.0 Airdrop
Just as the plan to make the new chain a community-driven ecosystem, all the 1 billion new Luna 2.0 tokens will be airdropped to the old chain investors that got affected by the massive crash of Luna and UST.
Like I mentioned earlier, the new chain will only have Luna token created with 1 billion total supply – and there won’t be any algorithmic stablecoin created anymore.
How To Get Luna 2.0 Airdrop
According to the recovery plan, all UST and Luna investors can get the Luna 2.0 airdrop; the new token will be all sent to their wallets – and those who are qualified to receive the token are as follows:
- Pre-attack Luna holders: 35%
- Post-attack Luna holders: 10%
- Pre-attack aUST holders: 10%
- Post-attack UST holders: 15%
- Community Pool: 30% (with 10% for developers).
Even though some of the community are not pleased with this recovery plan, it seems to be the major step to take to end the Luna crisis as many of the Luna validators have approved the proposal.
However, the Binance CEO and other elites have been criticizing Luna founder regarding his plan for recovery of the Luna ecosystem.
The Luna founder was asked to buy back the token in circulation and burn – but that might not be possible as the current circulating supply is quite huge, thus; there’s no other option than fork.
Luna 2.0 Airdrop Binance
Binance will rename the current Terra network as Terra Classic network and support the Terra network airdrop. LUNA and UST tokens of the Terra Classic network will henceforth be referred to in this announcement as LUNA (old) and UST (old). Further details are shown in the timeline below:
LUNA (old) and UST (old) Trading Suspension:
- LUNA (old) and UST (old) deposits and withdrawals will be suspended on 2022-05-26 at 14:00 (UTC).
- LUNA/BUSD and UST/BUSD spot trading pairs will be suspended and all pending spot orders will be cancelled on 2022-05-26 at 15:00 (UTC).
LUNA (old) and UST (old) Ticker Change to LUNC and USTC Respectively:
- The ticker for the LUNA (old) token will be renamed as LUNC.
- The ticker for the UST (old) token will be renamed as USTC.
LUNC and USTC Trading Resumption:
- Trading will open for LUNC/BUSD and USTC/BUSD spot trading pairs on 2022-05-30 at 09:30 (UTC).
- LUNC and USTC deposits and withdrawals will resume on 2022-05-30 at 09:45 (UTC).
- Binance will distribute the new Terra 2.0 token (LUNA) to all eligible users based on Terra project team’s token distribution plan. The distribution ratio per account will be announced in a separate announcement.
Users’ staked UST (old) with Binance Staking would then be staked on-chain, with AnchorUST (aUST) as the yield-bearing token, thus UST (old) Staking users on Binance are also covered by the recovery plan.Please note:
- The pre-attack snapshots will include: LUNA (old) balances in Spot accounts, Margin accounts, Savings accounts, Staking accounts and Coin-Margined Futures accounts, but will exclude USDT-Margined Futures accounts.
- The post-attack snapshots will include: LUNA (old) and UST (old) balances in Spot accounts.
- LUNA (old) and UST (old) borrowed from Margin or Crypto Loans, or LUNA (old) and UST (old) transferred to Spot accounts from these accounts, will not qualify to receive tokens from the airdrop.
- Binance Staking will make a further announcement with more details relating to the airdrop for users with LUNA (old) and UST (old) in their Locked Staking accounts.
- U.S. persons, entities and sanctioned countries are not eligible to receive this airdrop.
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