How the LUNA 2.0 airdrop will be distributed on May 27


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Terraform Labs has released information regarding the LUNA 2.0 airdrop scheduled for May 27, 2022.

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The current LUNA token will be renamed LUNC, while the new LUNA 2.0 token will assume the ticker LUNA. Holders of LUNC (Luna Classic), USTC (UST Classic), and aUST (staked UST) will be airdropped LUNA tokens from the new chain.

LUNA Airdrop

The testnet is currently live for LUNA 2.0, and the mainnet will be activated on May 27. When the mainnet goes live, the airdrop will begin. According to a Terraform Labs verified Medium post, you will be eligible for the airdrop if:

At the Pre-Attack snapshot, hold:

  • LUNA (including staking derivatives)
  • Less than 500k aUST (UST deposited in Anchor)

And/or at the Post-Attack snapshot, hold:

  • LUNA (including staking derivatives)
  • UST

The snapshot timings used in the above criteria are shown below:

luna snapshot times
Source: Medium

When will the airdrop happen?

The genesis block of LUNA 2.0 will occur on May 27, 2022, at which time 30% of the LUNA airdrop will be issued, with the remaining 70% to be issued over two years with a six-month cliff. The cliff means users will start to receive the rest of their airdrop after 6-months at around 3.9% per month.

“At Genesis, 30% of the LUNA airdrop will be immediately available to Pre-Attack users with wallets that had less than 10k LUNA (including staking derivatives) or deposited UST in Anchor, and Post-Attack users with any quantity of LUNA (including staking derivatives), UST, or both.”

All airdropped tokens will be automatically staked to “preserve network security.” Non-vested LUNA can be removed at any point. However, vested LUNA will be staked according to the above schedule. However, it does appear that investors will still be able to claim their rewards at any point.

“Users will earn staking rewards on their vesting LUNA starting from the point at which it is staked, and can claim these rewards at any point.”

Regarding vested LUNA, “if a user would like liquid LUNA as soon as their cliff hits, they’ll need to undelegate their staked, vested LUNA at least 21 days before the first day of their cliff.” However, information in Table 4 of the Medium posts suggests that bridged LUNA will be “distributed at a later date.”

Related:  Crema Finance Suspends Liquidity Services After Hacking Incident

LUNA tokens that will not be included in LUNA 2.0

Any LUNA currently held in the bridge contract will be set aside “as part of the community pool for distribution after the chain launches.”

Therefore, it may be prudent for investors who hold LUNA bridged off of Terra, such as Wormhole or wLUNA, may wish to convert into LUNA tokens before the snapshot.

The Medium post outlines the following scenarios where the airdrop will not be available.

UST or LUNA bridged off of Terra

  • Users with bridged UST or LUNA who would like to be included in the Post-Attack snapshot need to bridge back to Terra before the snapshot is taken.

UST or LUNA on Terra protocols that cannot be easily identified

  • All protocols listed on DeFi Llama here will be covered, in addition to a few others that are known.

UST or LUNA on CW3 multi-sig contracts

  • Most UST and LUNA in CW3 multi-sig contracts will be accounted for, but there could be edge cases that may not be included.

Supported tokens, exchanges, and chains

The below table gives a comprehensive breakdown of what will be included in the LUNA 2.0 airdrop. Investors who held LUNA before the snapshot or hold through the May 26 snapshot will receive airdrops on Binance, Huobi, Bybit, Bitrue, Bitfinex, Kraken, FTX, Gate.io, OKX, and Bitget.

Other exchanges may also support the airdrop but are not currently confirmed by Terraform Labs. For example, Swissborg recently notified its users that they are working on distributing the LUNA 2.0 airdrop to users even though it does not list LUNC.

Swissborg lists UST as a token and will likely receive a LUNA 2.0 airdrop on behalf of its users. The technical complexity of solving this issue is one facing many exchanges around the world.

luna 2.0 support
Source: Medium

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