The Terra Luna 2.0 airdrop and when the funds will be available
Published on 26 May 2022
Following the collapse of the Terra Luna project and the UST stablecoin, the developers have announced the launch of a second version of their blockchain to try to save the project and allow investors to recover all or part of the lost capital.
Many people wonder if this new initiative will gain support and credibility and if they will finally be able to recover the capital.
The new chain has started May 28, 2022 at arround 6:00 AM UTC.
During the second week of May, the UST currency lost its peg with the USD and from there the fall was triggered in a few hours that ended up sinking both UST and LUNA.
The developers have talked about attacks on their protocol and have proposed creating a new version which they have called Luna 2.0.
This initiative contemplates a hard fork of the chain and rebranding of the currency. To this end, the validators have voted for “Proposal 1623” which contemplates an airdrop of the new LUNA coin to the holders of the old coin, which will be renamed LUNC (Luna Classic). The airdrop will also reach holders of the UST and aUST coins.
Not all holders will be able to claim the airdrop in the same way, only those who are eligible according to certain requirements.
Pre an post attack moments
To calculate the rewards the Terra team has decided to take wo time points. What they call the “pre-attack” and the “post attack”.
Block 7544910 which occurred on May 7, 14:59:37 hrs (UTC) has been defined as “Pre Attack”. The “Post-Attack” is the block 7790000 on May 26 19:59:51 UTC.
They have indicated that the snapshot of Pre Attack holdings will reach LUNA holders, including staking derivatives. Also, those who have had less than 500k aUST deposited in Anchor Protocol.
Those who own less than 10k LUNA will get 30% of the airdrop at the moment (Unlocked). The rest will be distributed over two years, each period of 6 months.
Those who own up to 1M LUNA will have to wait 1 year for the first delivery and another two years to complete the receipt of the rest.
Those who own more than 1M LUNA must wait 1 year for the first delivery and 4 years for the rest
UST holders
Investors who have had their UST deposited in Anchor Protocol (aUST) will get 30% unlocked at the genesis time if they owned less than 500k units. The rest will be received every 6 months for a period of two years.
“Post Attack” holders
The airdrop will also reach holders of LUNA and its derivatives and holders of UST after the moment known as Post Attack.
Regardless of the amount of LUNA and UST they have in their wallets, they will get 30% unlocked at the time of genesis and the rest in two years distributed every 6 months.
Luna staking period
The funds from the airdrop will be deposited in staking at the time of distribution. Once the funds are available at the end of each vesting period, they must be unstake if the holder wishes to dispose of them. That unstake period will last 21 days.
As long as the funds are in staking, the holders will receive the corresponding rewards.
Wallets and Exchanges
For all those who have their UST and Luna in Terra Station, the process of receiving the airdrop should be simple, since it is the native wallet of the project.
Other wallets and different exchanges will support receiving the airdrop.
Check if your coins are in staking
If you are operating with the Terra Station wallet, you will know that just by installing a Chrome extension, you will be able to see the balance of the different tokens.
With Terra Station installed as an extension, it is also possible to connect to web applications such as Anchor Protocol, Terra Swap and many more.
But if you want to stake your coins and access other features you need to connect your extension with the terra Station web wallet.
To do this, you must access Terra Station Web Wallet.
There you will find the Stake tab.
Within Stake you will be able to see your staking coins and the list of validators in which you can delegate or remove the delegations.
Published on 26 May 2022