Terra 2.0: When and how would HODLers receive the LUNA airdrop?

Lavina Daryanani
Source: Newsdirectory3

Just a day back, the Terra team announced that proposal No. 1623 to rename the existing network Terra Classic (LUNC), and rebirth a new Terra blockchain (LUNA) had officially been passed with 65% of the voting ‘yes’. The team also clarified that the new LUNA 2.0 blockchain would launch on Friday, the 27th of May.

Now, as described in the same proposal, Terra 2.0 would have its native staking token [LUNA] and the same would be airdropped to its community members. On the launch date, all the eligible HODLers would receive the tokens. Confirming the same, the latest blog post highlighted,

“Upon Genesis on May 27th, 2022, eligible holders of LUNC, USTC and aUST will be airdropped LUNA on the new chain.”

Who gets how much LUNA?

Well, the share allocation was outlined in quite a clear fashion in the blog post. The amount of LUNA that HODLers would be eligible to receive would be determined by three crucial factors – the types of tokens held on the Terra Classic chain, the HODLing period, and the number of tokens held.

For further clarity, the team brought to light the pre and post-attack time.

Source: Medium

So now, HODLers who held LUNA (including staking derivatives), and less than 500k aUST (UST deposited in Anchor) at the pre-attack snapshot time are essentially eligible for the airdrop. Further, users who possessed LUNA and UST at the post-attack snapshot would also be eligible for the airdrop.

Source: Medium

The distribution and vesting of airdropped LUNA would further solely depend on the wallet’s token type & quantity, as well as the snapshot it exists in. Further elaborating on the same, the blog post highlighted,

“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.”

Also, it should be noted that at Genesis, all airdropped, vesting LUNA would automatically be staked to Terra validators to preserve network security. Users would earn staking rewards on their vesting LUNA starting from the point at which it is staked, and can claim the same rewards at any point in time.