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May 26, 2022

LUNA Sees Huge Comeback In Time For Terra 2.0

To celebrate Terra 2.0’s forthcoming debut on Friday, May 27th 2022, LUNA will be airdropped to all holders of LUNC, USTC, and UST who qualify.

Pre-attack users with wallets holding fewer than 10,000 LUNA or those who had put their UST in Anchor, a lending and borrowing protocol, would get 30% of the LUNA airdrop “immediately” at Genesis, Terra team members said on Medium on May 26. If LUNA and/or UST were airdropped to post-attack users prior to the attack, they would also be distributed to other qualified users.

This new chain will support all assets, chains, bridges and Centralized exchange (CEX) and allow token holders to trade right away. As a result of the statement, cryptocurrency exchanges have acted.

Rebranding and air drops will be supported by the biggest crypto exchange in South Korea by traded volume, Upbit. Luna classic (LUNC) will be renamed “existing LUNA” and “new LUNA tokens will be airdropped to current LUNA holders,” according to a Thursday release from the exchange. On May 26, at 19:00 Korean time, the exchange announced that it will temporarily halt the withdrawal of LUNC (previously Luna).

In addition, FTX has said that it will assist the LUNA airdrop and halt LUNA and UST deposits and withdrawals today.. Details such as date, implementation, and amounts, however, were addressed individually in the trade.

Gate.io also declared their support for the relocation, adding that LUNA and UST would be renamed LUNC and USTC, respectively, in accordance with governance proposal 1623 from the Terra team. As of this writing, Gate.io has ceased LUNA margin borrowing and lending services and modified perpetual contracts to operate in reduce-only mode.

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The biggest cryptocurrency exchange, Binance, published a statement later in the day supporting Terra’s “rebirth” plan, stating that it “will support the rebranding of the Terra network to the Terra Classic network and its airdrop program.” The exchange went on to say that it will suspend trading on LUNA and UST today and resume trading on Monday, May 30.

Wednesday, Binance stated that it was “working closely with the Terra team on the recovery process, attempting to serve affected users on Binance with the best possible treatment,” which explains the lengthy wait compared to other exchanges in resuming trade. Additionally, Kucoin, Bitfinex, Bitrue, Huobi, and Bybit have expressed their support for the airdrop.

On Wednesday, the creator of Terraform Labs, Do Kwon, rejected a story that he had contacted the top five exchanges in Korea requesting a LUNC and USTC listing.