How to get Terra 2.0 (LUNA) airdrop? All you need to know

What happened?

In early May 2022, the algorithmic stablecoin UST issued on the Terra blockchain and its native coin LUNA depreciated sharply after a series of events.

As a result, the project developers decided to launch a new blockchain – Terra 2.0. As conceived by the organizers, this will allow recreating the ecosystem from scratch and restoring trust in it. Mainnet started working on May 28th.

Holders of UST and LUNA will be compensated for their losses with the help of an airdrop of the Terra 2.0 (LUNA) cryptocurrency, a native asset of the new network. The emission of “LUNA 2.0” amounted to 1 billion coins. The asset has already been listed on many crypto exchanges, its page has appeared on CoinMarketCap and Coingecko.

What will happen to the old coins?

The cryptocurrency of the new blockchain will be traded under the old ticker LUNA.

The old assets have not disappeared anywhere, trading pairs with them have retained many sites. However, their symbols have been changed to Terra Classic (LUNC) and TerraClassicUSD (USTC).

Who will receive and how much?

All USTC and LUNC holders who purchased them before May 26 automatically participate in the airdrop. All of them will receive Terra 2.0 coins for free. At the same time, the number of USTC locked in Anchor must not exceed 500,000 tokens.

The specific amount of the airdrop depends on the number of coins in possession and on the date of their purchase:

1. LUNC and USTC purchased prior to block 7544910 (released on May 7 at approximately 15:00 UTC)

2. LUNC and USTC acquired after May 7 but before block 7790000 (added to the chain on May 26 around 16:38 UTC).

Here is the exact ratio of new assets to old ones:

If cryptocurrencies are purchased before May 7, 15:00 UTC

In the wallet (in the account) LUNA airdrop amount
USTC 1 0,01827712143
LUNCH 1 1,034735071

If cryptocurrencies are bought from May 7 to May 26, ~16:38 UTC

In the wallet (in the account) LUNA airdrop amount
USTC 1 0,02354800084
LUNCH 1 0,000015307927

Example

Until May 7, you bought 1000 USTC and 3 LUNC. Then you are supposed to:

1000 USTC х 0.01827712143 + 3 LUNC х 1.034735071 = 18.27712143 MOON + 3.104205213 MOON = ~ 21.38 MOON.

Also, on May 12, you bought another 100,000 LUNC after its price collapsed. Then you will also get:

100,000 LUNCH х 0.000015307927 = ~ 1.53 MOON.

In total, the total amount of the airdrop will be 21.38 LUNA + 1.53 LUNA = 22.91 LUNA.

Will I get all the coins right away?

Initially, all airdrop participants are credited with only 30% of the amount they are entitled to. For the remaining 70%, vesting is provided: the cryptocurrency is randomly distributed among the validators who use it for staking. The rewards from LUNA staking from the airdrop are also received by all its participants, each block of Terra 2.0.

Vesting conditions depend on the number of LUNCs in possession:

  • less than 10,000 LUNC – unlock within 24 months starting December 2022;
  • 10,000 LUNC to 1 million LUNC – Unlock within 24 months starting June 2023;
  • Over 1M LUNC – Unlock for 48 months starting June 2023.

It turns out that I will be able to pick up the airdrop in at least 2 years?

Not really. Firstly, the funds are not completely blocked: through the Terra Station platform, you can manage your airdrop stake, in particular, transfer it to another validator.

Secondly, after 6 months, the blocked funds can be gradually withdrawn. To do this, you need to separate the available coins in Terra Station and wait another 21 days.

What if I held LUNA and UST on an exchange or protocol?

You will also be credited with cryptocurrency for free. Leading trading platforms and DeFi applications (including Anchor) have announced their support for the new project. In the case of centralized platforms, the distribution of the airdrop is handled by the administration. For example, Binance has announced that it will give away LUNA by May 31, 8:30 UTC.

My LUNC or USTC remained in Cosmos. What to do?

If you held LUNC and USTC in the Cosmos network wallet, then you also claim your share of the airdrop in full. We explain what needs to be done for this if the coins were in Keplr.

1. First check if your address is participating in the airdrop, here: https://finder.terra.money

If everything is in order, the service will show exactly how much LUNA you will receive immediately (30%), and how much is left in the vesting:

2. Add a wallet to the Terra Station browser extension:

3. Click the “Recover wallet” button:

4. Fill in the fields:

  • The name of the wallet can be anything.
  • The password is at your discretion.
  • Mnemonic Phrase – Be sure to use from your Keplr address.

5. How to find mnemonics.

– Go to your Keplr wallet profile by clicking on the icon:

– Click on the ellipsis and select View Mnemonic Seed from the drop-down menu.

6. Done! Your wallet has been added to Terra Station:

7. Now check your address again here: https://station.terra.money/wallet

The service should show the details of the vesting schedule.

8. Please note: 70% of the locked coins were handed over to a random validator. You can choose another if you wish. To do this, in Terra Station, select the “Stake” item, then click on “Delegations”, after which you will see the name of the validator, which has the rest of your airdrop.

9. To change the validator, find the one you need – for example, by name in the search bar:

Select the name you need, click on the “Redelegate” (Redelegate) button and transfer your steak to it.

If your LUNC and USTC are in the Osmosis protocol, you can manage them, for example, through this unofficial service: https://terra.imperator.co/welcome

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