New LUNA airdrop and ticker change

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FTX will support the new LUNA airdrop. Terra network will be renamed to Terra Classic network. The amount of new LUNA you will be eligible to receive will be determined by the types of tokens you held on the Terra Classic network, the time-period that you held these tokens (based on pre-Attack and post-Attack snapshots), and the quantity of tokens held.

There are two sets of airdrops defined in Terra 2.0 — LUNA Airdrop, and FTX will treat them differently.

Ticker change convention:

FTX will make the following ticker change on May 27th at 4am (UTC):

  • Old LUNA (Terra Classic) ticker = LUNC
  • Old TerraUST (Terra Classic) ticker = USTC
  • New LUNA (Terra 2.0) ticker = LUNA2

 

Airdrops for “Pre-attack” snapshot:

  • “Pre-attack” snapshot is taken at Terra Classic block 7544910 – May 7, 2022 14:59:37 (UTC).
  • According to the airdrop plan, 35% of all the new LUNA (LUNA2) will be airdropped to pre-attack old LUNA (LUNC) holders. Tokens will vest to account holders according to the Terra 2.0 vesting schedule:


      • For accounts with < 10k old LUNA (LUNC): 30% unlocked at genesis; 70% vested over 2 years with 6 month cliff
      • For accounts with 10k old LUNA (LUNC) < 1M: 1 year cliff, 2 year vesting thereafter
      • For accounts with 1M old LUNA (LUNC): 1 year cliff, 4 year vesting thereafter

  • FTX offered a spot borrowing and lending market program for old LUNA (LUNC) at the time of the snapshot. As a result of the borrowing and lending mechanisms by users, the amount of new LUNA (LUNA2) that each user is entitled to may not be directly proportional to the amount of old LUNA (LUNC) that the user held at the time of the snapshot. Pro-rated adjustments will be made by FTX to account for such differences in its discretion. 

 

Airdrops for “Post-attack” snapshot:

  • “Post-attack” snapshot is taken at Terra Classic block 7790000 - May 26, 2022 19:59:51 (UTC)
  • According to the airdrop plan, 10% of all the new LUNA (LUNA2) will be airdropped to post-attack old LUNA (LUNC) holders, and 15% to post-attack old UST (USTC) holders.


      • The tokens are subject to a vesting schedule of 30% unlocked at genesis; 70% vested over 2 years thereafter with 6 month cliff

  • Old LUNA (LUNC) and old UST (USTC) spot borrowing and lending markets will be terminated before this snapshot
  • FTX will distribute the new LUNA (LUNA2) airdrop it receives as an exchange to post-attack old LUNA (LUNC) and old UST (USTC) holders on FTX

 

Note:

  • FTX will distribute the initial unlocked new LUNA (LUNA2) by May 31, 2022 08:30 AM (UTC) after the project has completed the new LUNA (LUNA2) distribution to FTX.
  • Timing of when withdrawal and deposit of the airdropped new LUNA (LUNA2) will be enabled is to be announced at a later date. 
  • The vested new LUNA (LUNA2) will be distributed every block to FTX. FTX will make adjustments in its discretion to how frequently vested new LUNA (LUNA2) will be distributed to its end users. Details including vested token distribution frequency, and implementation will be announced separately.
  • Trading digital assets confers high risk due to large price fluctuations. Before trading, please ensure that you have a full understanding of all the risks associated with investing in digital assets.
  • It is your responsibility to understand the implications of the new LUNA (LUNA2) airdrop. FTX is not liable for any losses.

 

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