On May 26th, after the LUNA debacle, the old luna chain (now called LUNC) pivoted to a sister chain called LUNA 2.0. As part of the transition to the Terra ecosystem, new LUNA coins got airdropped to LUNA, UST (now called USTC), and aUST holders, based on the two snapshots outlined in the Terra Ecosystem Revival Plan. On November 24th, a few of these airdropped LUNA tokens are expected to get unlocked.
The Birth Of Terra LUNA 2.0
As a means to compensate the whole Terra community, the internal team came up with the solution to airdrop their native staking token, LUNA, to all the holders pre-attack.
Read More: Will Terra UST Victims Get Their Money Back?
The amount of LUNA one would be eligible to receive was determined by the types of tokens the users held on the Terra Classic chain, the time period that they held these tokens (based on Pre-Attack and Post-Attack snapshots), and the number of tokens held.
— Terra Powered by LUNA (@terra_money) November 23, 2022
Vested LUNA To Unlock Soon
LUNA will begin to deposit at 6am UTC on November 24th, 2022, in accordance with the Genesis LUNA airdrop timetables that the community decided on May of this year.
Due to the fact that all airdropped LUNA on a vesting schedule was staked at Terra’s Genesis, it must be undelegated for 21 days to become liquid. This helps the price to remain stable during the unlock, and not get impacted by a mass sell-off.
One can use Terrascope to find out how much LUNA they may have in vesting by simply pasting their wallet address and scrolling down to the Vesting section.
About Terra 2.0
The new Terra network inherits the deep developer pool and passionate LUNAtic community that made Terra Classic the 2nd largest smart contract blockchain in the industry, following Ethereum.
As the community migrated to the new chain, most of the popular Terra Classic projects joined them as well, to get a strong headstart.
The post Airdropped LUNA Tokens To Unlock Soon; Mass Sell-Of Coming? appeared first on CoinGape.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency