Which Cryptocurrency Exchanges Will Support the Luna 2.0 Update and Airdrop?
Terra network announced that its new decentralized cryptocurrency Luna 2.0 will be supported by many cryptocurrency exchanges. So what is Luna 2.0? Which Exchanges Support?
The Terra platform is trying to revive its ecosystems after the LUNA and UST collapses. The project announced that it will launch a new blockchain called LUNA 2.0. The Terra Luna project will launch a new Terra Luna token named Luna 2.0 after the success of the vote.
Luna is looking for new ways to recover after the big drop in the crypto markets recently. Do Kwon suggested a new way out. According to this plan, the existing Terra blockchain will be split with a Luna fork. This plan received over 200 million yes votes on the platform.
After the LUNA and UST collapse, Do Kwon, who published a plan of salvation, proposed forking the Terra network to create a new decentralized cryptocurrency, and the proposal was accepted by the community.
The forking of the Terra network, which will take place on May 27, has started to be supported by many crypto currency exchanges.
LUNA 2.0 The strongest of the exchanges to support was Binance. They announced that they will support Binance Luna’s new project and will assist investors in necessary transactions in this regard. In the statement made by Binance, the new Terra 2.0 token $LUNA will be distributed to eligible users according to the project’s distribution schedule.
Terra Network airdrop to be distributed on #Binance.
The new Terra 2.0 token $LUNA will be distributed to eligible users based on the project’s distribution plan.
The distribution ratio per account will be announced separately.
Find out more ⤵️https://t.co/F7UAbqedxS
— Binance (@binance) May 26, 2022
- LUNA (old) and UST (old) deposits and withdrawals will be suspended on 2022–05–26 at 14:00 (UTC).
- LUNA/BUSD and UST/BUSD spot trading pairs will be suspended and all pending spot orders will be cancelled on 2022–05–26 at 15:00 (UTC).
We will distribute the new Terra 2.0 token (LUNA) to all eligible users based on Terra project team’s token distribution plan. The distribution ratio per account will be announced in a separate announcement.
In the statement made by Binance, the Detailed Airdrop Rules table was published and what would happen during the distribution was presented to the investors.
KuCoin has announced that they will support the pass and airdrop for Terra (LUNA) and TerraUSD (UST) tokens. KuCoin exchange assured its investors that they will support this process and that by relisting Luna, it will once again be a safe investment vehicle.
1. KuCoin will take Pre-Attack and Post-Attack snapshots of users’ LUNA and UST assets when the block height reaches 7544910 and 7790000, which are expected at 14:59:37 on May 7, 2022 (UTC) and 19:59:51 on May 26, 2022 (UTC).
Terra (LUNA) will be renamed to Terra Classic (LUNC).
TerraUSD (UST) will be renamed to TerraUSD (USTC).
KuCoin will close the deposit and withdrawal services of Terra (LUNA) and TerraUSD (UST) tokens at 09:00:00 on May 26, 2022 (UTC).5. KuCoin will close all Terra (LUNA) and TerraUSD (UST) trading pairs at 09:30:00 on May 26, 2022 (UTC).
One of the exchanges that will give the biggest support for Luna 2.0 was Huobi. Huobi has announced that they will support their investors and take the necessary actions for the Airdrop since the announcement of Luna’s new project.
— Huobi (@HuobiGlobal) May 26, 2022
Other Supporting Exchanges
Among them; The world’s largest crypto exchanges include FTX, Bitfinex, Gate.io, Bitget, Huobi, Bybit, Bitrue, South Korea’s largest crypto exchange Upbit, Crypto.com and OKX.
However, some of South Korea’s local cryptocurrency exchanges have announced that they will not support the conversion.
The largest cryptocurrency exchange, Binance, announced on Twitter on May 25 that it was working closely with the Terra team on the recovery plan. Later, in a statement on May 26, 2022, they announced that they would support the update.
Terra 2.0 And LUNA Airdrop
Land 2.0 is almost here. As a local area claimed network, Terra will have its local marking token, LUNA, airdropped to its local area, as portrayed in Proposal 1623.
Upon Genesis on May 27th, 2022, qualified holders of LUNC, USTC and aUST will be airdropped LUNA on the new chain. The full dispersion timetable can be found underneath.
The amount of LUNA you can receive depends on the types of tokens you hold in the Terra Classic chain, the time you hold them (based on the Pre-Attack and Post-Attack snapshots), and the amount of coins held.
You will be qualified for the LUNA airdrop if you:
At the Pre-Attack depiction, hold:
- LUNA (counting marking subordinates)
- Under 500k aUST (UST kept in Anchor)
Or potentially at the Post-Attack preview, hold:
- LUNA (counting marking subordinates)
When Will I Receive My Airdrop?
As Table 2 delineates over, the conveyance and vesting of airdropped LUNA relies upon the wallet’s symbolic sort and amount, as well as the preview it exists in.
Date of first airdrop: Genesis — May 27th, 2022
At Genesis, 30% of the LUNA airdrop will be promptly accessible to Pre-Attack clients with wallets that had under 10k LUNA (counting marking subsidiaries) or stored UST in Anchor, and Post-Attack clients with any amount of LUNA (counting marking subordinates), UST, or both.
At Genesis, all airdropped, vesting LUNA will be naturally marked to Terra validators to save network security. Clients will acquire marking prizes on their vesting LUNA beginning from the place where it is marked, and can guarantee these awards anytime. Clients can likewise undelegate, redelegate, and delegate their LUNA while it’s vesting and being marked. This guarantees clients have organization over which validators their vested LUNA is marked with.
Following the open of LUNA at Genesis, clients won’t get the extra vesting LUNA until something like a half year after the fact (this is known as a 6-month bluff). The vested LUNA will be dispersed each block (roughly at regular intervals) to a similar wallet address after the client’s bluff. On the off chance that a client would like fluid LUNA when their precipice hits, they’ll have to undelegate their marked, vested LUNA no less than 21 days before the primary day of their bluff. Clients can likewise keep their vested LUNA marked after their bluff hits to keep procuring marking rewards.
Resources, Chains, Bridges, and CEXs upheld
As we pursue appropriating LUNA to however many qualified clients as would be prudent in the airdrop, it’s essential to take note of that specialized issues confine us from remembering all UST and LUNA possessions for the depictions.
On a best exertion premise, and where potential, we will reserve the aggregate sum of LUNA in the extension agreement to be saved as a feature of the local area pool for dissemination after the chain dispatches.
Protocol founder and CEO Do Kwon devised a revival plan, arguing that “Terra is not just UST.” Without going into details about how the plan changed over the course of a few weeks, the Terra community and its approvers voted and accepted the proposal.
The new Terra organization will acquire the profound designer pool and enthusiastic LUNAtic people group that made Terra Classic the second biggest brilliant agreement blockchain behind Ethereum. As the local area moves to the new chain, the majority of the well known Terra Classic undertakings will go along with them, including:
- and many others
Worked in light of interoperability, Terra will be the doorway to the more extensive Cosmos biological system and then some.
- Airdrop ratios depicted below are estimations* and can only be finalized when the block height of the ‘Post-Attack’ snapshot (i.e. Block 7790000 ) is reached.
- Cross-chain assets, such as Wrapped UST on ETH/MATIC/BSC, will be set aside and locked in the community pool at Genesis. Distribution of funds can only be made after Genesis.
Avoid Luna 2.0 Scams
Prior to Terra’s LUNA 2.0 airdrop for LUNA, scammers were trying to scam by sending fake coins to known popular addresses.
In a post made by Peckshield, which provides services as a security company on the blockchain, fraudsters send the fake coin they produced to pretend to be LUNA 2.0 to the wallet addresses of Terra, ethereum founder Vitalik Buterin, Tron founder Justin Sun, and popular companies.
With this move, the scammers aim to create the perception that the project is the real LUNA 2.0 address. Thanks to this perception, they aim for users to send their real LUNA to the wallets of the scammers.