It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Crypto.com App. This article aims to provide a comprehensive guide on how to improve your eligibility for the potential LayerZero airdrop. Swyftx acknowledges the Traditional Owners of the land on which our company is located, the Turrbal and Jagera peoples. We pay our respects to their Elders past, present, and emerging, and we recognise their continued custodianship and connection to the land, waters and community.
- Lido Finance, one of Ethereum’s most important liquid staking protocols, refused to support Terra 2.0.
- For more information, please refer to Do Kwon’s official proposal, which is constantly being updated.
- “We will think about it after the launch, first it is better to see if Terra 2.0 is a legitimate project and supported by the community.
- He believes that decentralized technology has the potential to make widespread positive change.
- The move is intended to provide a partial reimbursement to wallets holding its native LUNA token or UST stablecoin, both of which became virtually worthless in May.
Terra (LUNA) is running its second airdrop, where holders can claim LUNA tokens using its claim interface. Enter a new Terra wallet address where you would like to receive your airdrop. If you don’t have one yet, you can set one up on Terra Station in two minutes using this simple setup guide. Eligible users will have one month, from Sept. 4th, 2022 to Oct. 4th, 2022, to claim their airdrop. LUNA not claimed by Oct. 4th, 2022 will be returned to the Community Pool.
They also the Terra 2.0 airdrop taking place on their platform called the “Innovation Zone”. Terra’s creator, “Do Kwon,” was quite engaged throughout the project’s death. He did say that they are working on a possible “cure” for the UST disaster, which would restore trust in the Terra ecosystem. Numerous steps are required to claim LUNA in the airdrop, which has been dubbed the Terra Phoenix airdrop and began on 4 September. After connecting your wallet, the LUNA eligible to claim will show up, as seen in the example below.
How to Claim LUNA on Terra 2 Guide
The proposal originally stated that a 1.2% token burn should be implemented on all transactions with the aim of making LUNC a deflationary crypto. Eligible wallet providers include Terra Station, Terra Station Mobile, Keplr and Metamask. The first airdrop of LUNA was in May, shortly after the depegging of the stablecoin terraUSD (UST) and the collapse of its sister token LUNA. Other exchanges may also support the airdrop but are not currently confirmed by Terraform Labs. For example, Swissborg recently notified its users that they are working on distributing the LUNA 2.0 airdrop to users even though it does not list LUNC. Therefore, it may be prudent for investors who hold LUNA bridged off of Terra, such as Wormhole or wLUNA, may wish to convert into LUNA tokens before the snapshot.
Most dApps that operated on Terra 1.0 were advised to rebuild and connect on the new Terra 2.0 blockchain. Many projects decided to happily make the switch in support of the ecosystem. For details on eligibility, vesting periods, airdrop calculations, and other topics related to the Terra Phoenix Airdrop, check out the proposal on Agora.
In line with the Terra LUNA schedule, the foundation honoured the original upfront 30% LUNA airdrop allocation in May 2022. If the wallet address you’ve entered is invalid, meaning that it has a previous transaction history or has already been used to claim the airdrop, you will see the message below. When the cryptocurrency market started to collapse, many crypto investors started to liquidate their positions. They not only liquidated to UST, but also exited the crypto market by cashing out. This shook the core of UST, and that’s where UST started to lose its peg.
Step 1: Visit the Claim Interface
If you have any questions, feel free to reach out to our live chat support team. The Republican hopeful promised to block CBDCs on day one of his presidency. Crypto entrepreneur Sina Estavi’s effort to sell the NFT since 2022 has been futile as the once-booming market fizzles. Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate.
Following the depegging of UST and the subsequent collapse of LUNA, Terra launched LUNA 2.0 – a new coin that was to be airdropped to original holders of LUNA (now LUNC) and UST (now USTC). The Worldcoin founder is touting high adoption rates but support from on-chain data is lacking. PayPal pushes the digital currency frontier with USD-backed stablecoin, fostering seamless conversion and regulated transactions. The Fed stated that its approval hinges on the ability of banks to show that they possess the necessary control systems to manage the risks tied to stablecoins. The global crypto market cap is $1.17 trillion with a 24-hour volume of $23.41 billion. Binance was among the crypto companies that also announced listing the new LUNA from Terra 2.0 on its platform.
Atomic Wallet claims hack affected less than 1% of monthly active users
A snowball effect happened where more and more investors liquidated away from Terra’s ecosystem until LUNA and UST both crashed by 99.9%. Each monthly allocation will be approximately 2.92% of the total distribution entitlement (70% / 24). This means that eligible customers can expect to receive ~2.92% of their total distribution entitlement each month, starting from the first allocation in December 2022. The genesis block of LUNA 2.0 will occur on May 27, 2022, at which time 30% of the LUNA airdrop will be issued, with the remaining 70% to be issued over two years with a six-month cliff.
- LUNA holders have until 4 October 2022 to claim their airdrop – after which any unclaimed LUNA will be sent to the LUNA community pool.
- The Fed stated that its approval hinges on the ability of banks to show that they possess the necessary control systems to manage the risks tied to stablecoins.
- Terra’s founder, Do Kwon, came up with a proposal to create a new chain from nothing.
- LUNA not claimed by Oct. 4th, 2022 will be returned to the Community Pool.
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Despite the fact that Lido Finance had a locked-in value of almost $10 billion on Terra before the collapse of LUNA and UST, the DAO practically rejected Do Kwon’s proposal. “We will think about it after the launch, first it is better to see if Terra 2.0 is a legitimate project and supported by the community. At the moment there are too many doubts about the new chain,’ wrote one of the users against Terra 2.0. – Finally, the remaining 30% will end up in the community pool, to support the effort of dapp developers and ensure that the new chain maintains its value as a DeFi ecosystem. After the collapse of LUNA and UST, the crypto community found itself in dire straits. Terra’s founder, Do Kwon, came up with a proposal to create a new chain from nothing.
Terra Stories
The current LUNA token will be renamed LUNC, while the new LUNA 2.0 token will assume the ticker LUNA. Holders of LUNC (Luna Classic), USTC (UST Classic), and aUST (staked UST) will be airdropped LUNA tokens from the new chain. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations. Crypto.com may not offer certain products, features and/or services on the Crypto.com App in certain jurisdictions due to potential or actual regulatory restrictions. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App.
He believes that decentralized technology has the potential to make widespread positive change. The Medium post outlines the following scenarios where the airdrop will not be available. “Still hilarious that I had $3,500 UST and will never see any of it again!
The proposal in question, published on Terra’s Agora, received 66% positive votes despite the fact that some members of the Terra community spoke out against the idea. Terra airdropped the first tranche of its new LUNA token on May 28 to compensate users holding Luna Classic and the network’s UST stablecoin after the tokens cratered earlier that month. The idea behind the airdrop is to reimburse the crypto wallets that held LUNA after both tokens crashed in value. This led to the creation of the original Terra Classic (LUNC) and the new LUNA token. If you’re connecting with Metamask or Keplr, select the origin chain that you held your USTC, LUNC, or aUST on during the pre- and post-attack snapshots. For details on the specific timing of the pre- and post-attack snapshots for each chain, see the ‘Airdrop Eligibility’ section on the Agora proposal.
Terra 2.0 — LUNA Airdrop
They also announced their highly anticipated airdrop of the new LUNA token. After entering your new Terra wallet address and ensuring that it has no prior transaction history, sign the transaction using your wallet from Step 2. Do note that a small amount of LUNA will be deducted from the airdrop amount to account for gas fees for those claiming from non-Terra chains. Despite criticism from some users, Do Kwon has found support from the majority of the community in creating a fork of Terra. Terra 2 will not exactly be a ‘hard fork’ similar to Ethereum’s actions after the 2017 attack. Instead of “resetting” the blockchain to a time before the collapse (7th of May, in this case), Do Kwon will create a new blockchain from scratch, but without the UST algorithmic stablecoin.
LUNAs blocked in the most popular DeFi protocols will also be returned. For more information, please refer to Do Kwon’s official proposal, which is constantly being updated. The news of Terra Foundation’s collapse shook the entire cryptocurrency market. Even mainstream media outlets decided to cover the story as part of the crypto market tumble. Despite many skeptics, Terra managed to give birth to a new blockchain.
“Thank you Terra, for looking out for the community,” they sarcastically added. If you already own LUNA or UST on a centralized exchange such as Binance, you don’t need to worry about anything as you’ll receive your airdrops automatically. LUNC has seen a surge in price over the course of the past month after a new token burning system was introduced.
The cliff means users will start to receive the rest of their airdrop after 6-months at around 3.9% per month. With this fork, Terra’s founder wants to recreate the blockchain by eliminating the weak point that led the old chain to collapse, namely UST. Terra 2 will become a strong DeFi ecosystem with all the dapps already ready to be implemented. With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community. Terra Luna Classic holders who didn’t receive the correct number of LUNA tokens during the project’s first “Phoenix” airdrop on May 28 can claim the secondary drop. There is a high level of positivity in the crypto space as Terra announces the launch of its first block created on the new blockchain.
