HomeAltcoinBinance Staking Completes First Phase of Terra 2.0 Airdrop

Binance Staking Completes First Phase of Terra 2.0 Airdrop

-

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:

  1. Pre-Attack 1 aUST = 0.01827712143 LUNA
  2. Pre-Attack 1 LUNC = 1.034735071 LUNA
  3. Post-Attack 1 USTC = 0.02354800084 LUNA
  4. 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.

Leave a Reply

LATEST POSTS

The last phase of Ripple process has begun.

The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has entered its final phase, according to Ripple CEO Brad Garlinghouse. Both...

Circle, a USDC issuer, has terminated its SPAC merger with Concord.

The circle was previously valued at $4.5 billion in July 2021, before being raised to $9 billion in February 2022. Circle, the creator of the USD...

For the community, the new Cardano algorithmic stablecoin reawakens old fears.

"I thought we already figured this out, algorithmic stablecoins aren't the best option," a Twitter user wrote. With the recent announcement that Cardano is on track...

Cryptocurrency exchange Kraken lays off 1,100 employees.

One of the biggest cryptocurrency exchanges in the world, Kraken, is reducing its workforce by about 30%, or 1,100 people, in order to "adapt to...

Follow us

0FansLike
3,692FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: