The collapse of the Terra ecosystem sent shockwaves through the cryptocurrency market, leaving many investors reeling. In response, the Terra community has approved a proposal to launch a new blockchain, known as Terra 2.0. This new chain is designed to move forward from the incident and compensate affected community members through a significant airdrop of the new LUNA tokens.
This guide provides a detailed overview of the Terra 2.0 airdrop, including key snapshot times, allocation details, and a comprehensive list of supporting exchanges to help you understand the process.
Understanding the Terra 2.0 Snapshot and Airdrop Allocation
The new LUNA tokens will be airdropped to several key groups: LUNA Classic (LUNC) stakers, holders of the original LUNA and UST tokens, and developers who built on the Terra Classic blockchain. The allocation strategy is designed to prioritize smaller, retail investors affected by the crash.
The genesis supply for the new chain will start at approximately 116.7 million tokens and is projected to increase to 182 million over the course of one year.
Pre-Attack Snapshot: Allocation for Early Holders
The first and most significant snapshot was taken to identify holders before the de-pegging event began.
Snapshot Time: May 7, 2022, at 22:59:37 UTC (Block Height 7544910)
New Token Allocation:
- Holders of ≤ 10k LUNA: 30% unlocked at genesis; 70% vested after a 6-month cliff, with linear release over 24 months.
- Holders of ≤ 500k aUST (UST in Anchor Protocol): 30% unlocked at genesis; 70% vested after a 6-month cliff, with linear release over 24 months.
- Holders of ≤ 1 million LUNA: 100% subject to a 12-month cliff, with linear release over the following 24 months.
- Holders of > 1 million LUNA: 100% subject to a 12-month cliff, with linear release over the following 48 months.
Post-Attack Snapshot: Allocation for Subsequent Holders
A second snapshot was taken just before the launch of the new chain to include those who acquired tokens after the crash.
Snapshot Time: May 27, 2022, at ~03:59 UTC (Block Height 7790000)
New Token Allocation:
The final ratio for users who bought LUNA or UST after the de-pegging event was confirmed after this snapshot. The general structure followed a similar pattern: 30% of the allocation was unlocked at genesis, with the remaining 70% vested after a 6-month cliff, releasing linearly over 24 months.
Major Exchange Support for the Terra 2.0 Migration
Numerous centralized exchanges announced support for the airdrop, simplifying the process for users who held tokens on their platforms. The original tokens (LUNA and UST) were universally rebranded to Luna Classic (LUNC) and TerraUSD Classic (USTC).
Binance
As one of the largest exchanges, Binance played a major role. It renamed the network to Terra Classic and supported the airdrop. The platform suspended deposits and withdrawals for LUNC and USTC on May 26th and spot trading shortly after. Following the airdrop distribution, Binance reopened trading for the new LUNC and USTC pairs and later enabled deposits and withdrawals for the new LUNA tokens on the Terra 2.0 network.
Bybit
Bybit supported the migration by renaming existing tokens to LUNC and USTC. The exchange canceled all existing spot orders and suspended trading for the old markets. After the migration, Bybit listed new trading pairs (LUNC/USDT, LUNC/USDC, USTC/USDT) and credited users' Spot accounts with the new LUNA tokens based on the snapshots.
OKX
OKX confirmed its support for the official Terra airdrop and migration plan. The platform committed to distributing 100% of the airdropped tokens received from the Terra foundation to eligible users who held LUNC or USTC on the exchange at the time of the snapshots. For the latest on asset recovery and new opportunities, you can explore more strategies on this platform.
Huobi Global
Huobi Global announced support for the Terra 2.0 upgrade. The exchange performed a balance snapshot at block height 7790000 and distributed the newly minted LUNA tokens to eligible users based on their holdings of LUNC and USTC.
Gate.io
Gate.io supported the migration and airdrop, also committing to distribute all airdropped tokens to its users. The process involved a detailed wind-down of all services related to the old tokens, including spot trading, leverage, perpetual contracts, and earning products, before the snapshot. Trading for LUNC and USTC resumed after the rebranding was complete.
FTX
(Note: FTX is no longer operational. This information is retained for historical accuracy regarding the airdrop event.)
FTX had announced it would support the new LUNA token airdrop. The platform suspended its LUNA and UST markets and stated that users with balances at the snapshot time would be eligible to receive the new tokens.
Frequently Asked Questions
What is the difference between LUNA and LUNC?
LUNC, or Luna Classic, is the original token from the Terra Classic blockchain that experienced the crash. The new LUNA token is the native asset of the newly launched Terra 2.0 blockchain, distributed via an airdrop to support the ecosystem's reboot.
How did exchanges handle the airdrop for users?
Exchanges that supported the airdrop took snapshots of user balances at the specified block heights. They then automatically distributed the new LUNA tokens to eligible users based on their holdings of LUNC and USTC, often directly into their spot wallets.
What happened to my UST after the migration?
The original algorithmic stablecoin UST was rebranded to USTC (TerraUSD Classic) on the Terra Classic chain. It remains as a separate asset from the new LUNA token on the Terra 2.0 chain. The new chain does not have an algorithmic stablecoin at launch.
Could I receive the airdrop if my tokens were in a private wallet?
Yes, eligible users holding LUNC or USTC in a non-custodial wallet connected to the Terra Classic blockchain at the time of the snapshots were able to claim their new LUNA tokens directly from the Terra 2.0 network.
Were there any risks associated with the airdrop?
The primary risk was market volatility. The new LUNA token entered a free market upon launch, and its value was not guaranteed. Furthermore, users needed to be wary of scams and fake tokens impersonating the official airdrop.
Where can I find more information about ongoing developments?
For the most accurate and timely updates, always refer to the official Terra announcements and verified social media channels. To stay ahead of market movements, you can get advanced methods and insights here.