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Everything You Need to Know About Luna Airdrop

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LUNA Airdrop
LUNA Airdrop

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Luna 2.0 is the brand new token of the Terra blockchain, launched in an attempt to save the Terra ecosystem after the crash of the UST stablecoin. A total of 1 billion new Luna 2.0 tokens were launched, which were to be airdropped to the investors that were affected by the massive crash.

On 26th May 2022, Terraform Labs released information regarding the Luna 2.0 airdrop. It was scheduled to commence on 27th May 2022. The eligible investors for the Airdrop were:

Pre-attack snapshot

  • Luna holders including staking derivatives – 35%
  • Less than 500 aUST holders- 10%

Post Attack snapshot

  • Luna holders including staking derivatives- 10%
  • UST holders- 15 %

Community Pool – 30% (10 % for developers)

Out of 1 billion coins, 30 % were airdropped in the initial phase and the remaining 70% are to be issued over a period of 2 years, which is to be received by investors after 6 months at a fixed rate of 3.9% per month.

However, the airdrop plan could not proceed as planned leading to uneven distribution of the Luna Tokens to affected holders. This move has not received a warm welcome from the crypto community. Many Luna investors have expressed their disappointment in different social media platforms over facing issues while claiming their distribution. Twitter crypto users seem to be in rage for not receiving Luna tokens as promised, proclaiming the distribution to be unfair on the part of Terraform Labs.

LUNA price right now has just listed LUNA2/USDC Pair

A Twitter user has reported having lost 250 Luna and received 60 Luna in the airdrop. Another user has tweeted to receive 5800 Luna while he lost $165k worth of UST.

Renowned crypto investor Lark Davis sold his share of airdropped Luna 2.0 on Binance following disappointment over his share of allotted tokens. He tweeted about this move from his official Twitter handle and took a jibe at it calling it “nice”.

These circumstances have questioned the worth of the new Terra coin in the coming future.

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Binance’s Support to Terra

Amidst all the controversy and criticism, major crypto exchange Binance has extended its assistance to the airdrop. It has completed the first phase of the airdrop of 30% of Luna tokens. Besides supporting the airdrop, it listed it in its Innovation Zone and began grading in exchange for stable coins BUSD and USDT.

The next phase of the airdrop to distribute the remaining 70% will commence in December 2022.

There was an increase in LUNA Classic (LUNC) and UST prices after the airdrop in Binance.

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Kraken’s Support to Luna 2.0 Airdrop

The US-based crypto exchange Kraken has also extended its support to the Luna airdrop. Distributions for the LUNA2 airdrop have been completed. The new asset is known as LUNA2 and the new blockchain is called Terra 2.0. Eligible clients for the airdrop were LUNA and UST holders during the snapshot time.

Existing LUNA deposit addresses for both assets will remain functional on the platform.

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Where Does Coinbase Stand in the LUNA controversy?

Coinbase discontinued trading of UST and WLUNA on May 27, 2022, on Coinbase, Coinbase Pro, and Coinbase Exchange amidst the crash.

It also terminated its support for Terra and all future Terra chains.

It didn’t support the airdrop process and has remained silent when asked about any future plans to extend support for the coin.

Terraform Labs’ Say on the Process

The team of Terraform Labs has confirmed the situation of uneven distribution and addressed the issue through a Twitter update. They have promised to resolve the airdrop issue at the earliest, but haven’t revealed a definite timeline for the same.

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