NewsletterAirdropped LUNA Tokens To Unlock Soon; Mass Sell-Of Coming?
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, Do Kwon and his internal team came up with the solution to airdrop their native staking token, LUNA, to all the users who held Terra coins both pre-attack and post-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 for (based on Pre-Attack and Post-Attack snapshots), and the number of tokens held.
1/ On November 24th, 2022, based on the Genesis $LUNA airdrop schedules the community voted on in May, vesting $LUNA will begin to vest at 6am UTC ⌛
A quick 🧵👇
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) November 23, 2022
Vested LUNA To Unlock Soon
LUNA which was in vesting mode will begin to deposit in the user’s wallet at 6 am UTC on November 24th — in accordance with the Genesis LUNA airdrop timetables that the community had voted back in 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.
Read More: Major Development Can Push LUNA to New Heights
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.
Read More: What Is Terra LUNA 2.0, Here’s All You Need To Know
As the community migrated to the new chain, most of the popular Terra Classic projects joined them as well, to get a strong headstart.
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