Around 70% of tokens are currently held in escrow and will be vested later this year.
Binance said on Tuesday that the first stage of airdropping additional Terra Luna (LUNA) tokens to holders of Terra Luna Classic (LUNC), TerraUSD (USTC), and AnchorUST tokens has been completed (aUST).
The distribution was based on snapshots of token holders taken “pre-attack” and “post-attack” at LUNC block height 7,544,910 at 14:59:37 on May 7, 2022 UTC and block height 7,790,000 at 16:38:08 on Thursday, respectively. Users received fresh LUNA tokens based on the compensation method specified by Terra developers, according to Binance:
- Pre-Attack 1 aUST = 0.01827712143 LUNA
- Pre-Attack 1 LUNC = 1.034735071 LUNA
- Post-Attack 1 USTC = 0.02354800084 LUNA
- Post-Attack 1 LUNC = 0.000015307927 LUNA
One aUST was valued $1.24 at the time of the attack, whereas one LUNC was worth around $75. One USTC and one LUNC were valued $0.0632 and $0.0001434, respectively, after the attack. Each LUNA token is currently worth $9.25 at the time of publication. In accordance with Terra’s reformation plan, about 30% of LUNA tokens were issued on the spot, regardless of timestamp, while the remaining 70% will be distributed monthly in a vesting schedule beginning later this year.
Users that staked their USTC before the attack using Binance Staking were also eligible for the airdrop. Users’ USTC assets were reportedly staked on-chain, with aUST serving as the yield-bearing token. Binance had just offered USTC staking a month before the Terra Luna Classic ecosystem imploded, and the program was terminated shortly after.
Despite the successful airdrop on Binance, it looks that token distribution for crypto enthusiasts storing Terra assets in self-custodial wallets did not proceed as easily as planned. Some users received less LUNA than planned from the airdrop, according to Terra developers, who are currently working on a remedy. On the same day, another vulnerability appears to have been generated by a LUNC pricing error, which might have emptied the Mirror protocol, which is based on Terra, of all its cash.