Terra Version 2.0 - Luna 2.0 Air Drop

For those who follow the post Terra era they will know that in less than 24 hours from now holders of pre UST depeg of May 7th 2022, will receive a new Luna token called Luna Coin through an airdrop.

Meanwhile existing legacy Luna will be called Luna Classic. Kind of like ETH and ETC in name only.

But what are the recipients of Luna Coin really getting? Well two snapshots were taken in order to receive air drop.

First right before UST depegged at May 7th and then after on May 26th. The former will yield greater amount of new Luna Coin since the value of Luna at the time was a lot higher than in May 26th. Nevertheless people who bought Luna after the depeg still get something from the new coin distribution.

Further breakdown of the new Luna and how its distributed between the two snapshots.

Charts above and in this post were created by Route2FI on twitter. Check him out to learn more about Defi. The chart lists all protocols that are qualify in the snapshot toward the airdrop.

The summary of airdrop comes down two parts. The first is 30% of the value of the airdrop can be collected by recipients. The remaining is locked for six months in a vesting program to help secure the new Luna network. In fact any airdrop new Luna coins not withdraw will automatically be staked.

Conclusions

A new era of Luna is upon us and although its not the original Luna many who are believers in the chain are hoping the new rollout will be a success. In short the new Luna will not include UST therefore all the projects running on Terra will have to decide if they want to migrate over to the new coin that does not by default have a stable coin backing.

If curious on what the uses are for existing Luna classic and UST one can try trading it or selling it all together.

https://www.coingecko.com/en/coins/terraclassicusd#markets

link above from coingecko are what are supposedly still active trading of Luna and UST on exchanges.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!

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