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This Friday, May 27, the holders of the terra (LUNA) and terra USD (UST) cryptocurrencies will receive a airdrop of the native cryptoactive of the new Terra 2.0 or Terra 2 network, which will bear the same name as its predecessor, LUNA. To do this, they must have their savings deposited in the accounts of certain specific exchanges.
While some exchanges refused to support the new networkwhich arises after LUNA and terra cryptocurrency debacle USD (UST) To start rewarding affected users, there are certain companies in the field that have already confirmed that they will collaborate in the distribution of the cryptoactive.
In this sense, a handful of the exchanges with the highest trading volume confirmed their support for Terra 2 on social networks. Binanceone of the leaders in this area, assured that the distribution of the cryptocurrency will be made for “eligible users” according to the distribution policy established by the developers.
Another of the exchanges that reported on this was Huobiwhat public his support for the “rebirth of Terra” Likewise, FTX also confirmed that its users will be able to receive the crypto assets that correspond to them in the airdrop, and Crypto.com did the same through a statement. Cryptocurrency trading is suspended on both FTX and Crypto.com.
Other exchanges did the same, such as KuCoin, which warned its users that the warehouse and shipment of LUNA and UST is already closed for a few hours at the time of publication of this note. In other words, if you had funds in these crypto assets in KuCoin since before May 26, you will be part of the airdrop. Otherwise, it’s too late to move them to your account on that platform.
Another major exchange that confirmed your support for the new Terra is Bitfinex. Like KuCoin, it reported a schedule in which shipments and deposits will be closed until after the migration. The cutoff is 12:30 PM (UTC) on Thursday, May 26.
In addition to those mentioned, other cryptocurrency exchange companies also reported their participation in the airdrop. One of them was ByBit which, unlike other platforms, temporarily suspended LUNA and UST trading on Wednesday, May 25, but has since reopened, as reported in the official statement. This means that its users can move their funds there to participate in the distribution of cryptocurrencies, as reported by the exchange itself.
Finally, the exchanges Bitrue, Bitget, HitBTC LBank y gate.io communicated their support for the new network and its distribution of crypto assets. According to what these companies officially announced, Bitrue and gate.io have already suspended withdrawals and deposits of both crypto assets and will reopen them after the migration is completed, while LBank will leave them available until 13 (UTC) on May 26.
All of these messages were retweeted by Do Kwon, leading developer of the UST stablecoin. Earlier, he himself denied soliciting support from South Korean exchanges for the airdrop of the new LUNA cryptocurrency.
The new Terra 2 network and what to expect from it
The South Korean Do Kwon had been one of the main promoters of the proposal 1623 in the Terra governance community. This initiative was the one that officially gave birth to Terra 2 after its approval by validators in the vote that ended on May 25, as reported by CriptoNoticias.
As compensation for damages to the holders of LUNA and UST, who were seriously affected After the bank run that ended with the debacle of both cryptoactives, Terra 2 will have an airdrop of its LUNA cryptocurrency (its predecessor will be renamed terra classic or LUNC). The distribution will include holders of the crypto asset before and after May 7, and will be carried out respecting the following formulas:
Among the main qualities that stand out in the new network, highlights the absence of a native stablecoin such as USTthe cornerstone of protocols decentralized finance (DeFi) like Anchor. It is possible, however, that other stablecoins to DeFi protocols on Terra 2, of which there are already several confirmed, including Astroport, Nebula, Prism, Spectrum, Phoenix, and Nexus, among others.
So far, what is known is that a new native cryptocurrency (LUNA) will be issued, an attempt will be made to compensate investors for losses, and an attempt will be made to encourage developers to continue creating on this network. In its first version, Terra Classic, there was a fuga of capitals such that it went from being the second most used network in DeFi to occupying the twenty-fifth place in this index, according to data from defillama.com..
Update 5/26/2022: This note has been updated to add more exchanges that confirmed they will support the airdrop.