The proposal from Terra Labs to launch a new Terra Network has been approved. There will be a “hard fork” on the 27th of May. Shortly after, there will be a “new” Terra token launched. The “old” Terra Network will be renamed to: Terra Classic. Terra Classic holders will be eligible for an airdrop of the “new” Terra token. LiteBit is fully committed to support this airdrop so you can receive the “new” Terra Network tokens.
You can read more about the approved proposal here.
What is an airdrop?
With an airdrop, coins or tokens will be sent to eligible wallet addresses for free. In this case, the team behind Terra will send the new “Terra Network (LUNA)” tokens to all “Terra Classic (LUNC)” holders. Addresses are eligible for the distribution, if they held the Terra Classic (LUNC) tokens at the time of the so called “snapshot”. This snapshot was taken on the evening of May 26th, at block 7,790,000.
Am I eligible to receive the airdrop?
If you held “Terra Classic (LUNC)” tokens in your LiteBit account on May 26th at 16:57 CEST, you are eligible to receive the new tokens that will be distributed via the airdrop.
When will I receive my new tokens?
If you were eligible for the airdrop, you have received the first tokens on May 31st. According to Terra's statement, more tokens will be airdropped in about six months - read more here.
How was the airdrop distribution calculated?
We will distribute Terra 2.0 (LUNA) to all eligible LUNC users based on the ratio of:
- Pre-Attack 1 LUNC (Snapshot May 7th) = 1.034735071 LUNA
- Post-Attack 1 LUNC (Snapshot May 26th) = 0.000015307927 LUNA
Customers who are eligible will receive the first 30% on May 31st 2022. From December 2022 onward there will be a monthly distribution of the remaining 70% over a period of 24 months.
Why was LUNC in maintenance?
On May 26th at 16.57 CEST we had to put LUNC into maintenance, for two important reasons:
1. We had to lock your tokens so they would be part of the snapshot, to make sure you are eligible to receive the airdrop
2. Due to the migration to the new blockchain, many exchanges had halted trading of LUNC. Our trading is on these exchanges, without their support we cannot trade for you.
LUNC trading was resumed on May 30th.
How do I know if it’s the old or new version?
We have renamed the “old” Terra network as Terra Classic and changed the ticker from LUNA to LUNC.
The official proposal speaks of two snapshots: May 7th and May 26th, am I eligible for both?
We will distribute any airdropped tokens that we as LiteBit receive, to our users.
The above depends on the actual launch of the new network. The proposal reflects Terra’s plans, but nothing is final yet.