Airdropped LUNA Tokens To Unlock Soon; Mass Sell-Of Coming?
After the LUNA debacle on May 26th, the old luna chain (now LUNC), switched to a sister chain, LUNA 2.0. New LUNA coins were airdropped to LUNA (now called USTC) and UST (now called USTC) as part of the transition into the Terra ecosystem. These coins were based on two snapshots outlined by the Terra Ecosystem Revival plan. A few of the airdropped LUNA tokens will be unlocked on November 24th.
The Birth Of Terra LUNA 2.0
Do Kwon and his team devised a way to compensate all Terra coin holders. They would airdrop their native staking token LUNA to all Terra coins owners, pre-attack or post-attack.
Continue reading: Will Terra UST Victims Get their Money Back?
The amount of LUNA an individual would be eligible for was determined by the type of Terra Classic tokens they had, the time period they held these tokens (based on Pre/Post-Attack snapshots) and the number of tokens they had.
1/ Vesting $LUNA will begin at 6am UTC on November 24, 2022, based upon the Genesis $LUNA airdrop plans the community voted on May.
— Terra Powered By LUNA (@terra_money November 23, 2022
To Unlock Vested LUNA Soon
LUNA, which was in vesting mode, will deposit in the user’s wallet at 6 a.m. UTC on November 24, in accordance to the Genesis LUNA airdrop timestables that the community had voted for back in May.
All airdropped LUNA that was on a vesting plan was staked at Terra’s Genesis. It must remain undelegated for 21 day before it can become liquid. This ensures that the price does not fluctuate due to mass sell-offs.
Read More: Major Development Could Push LUNA to New Heights
Terrascope can be used to determine how much LUNA a person has in vesting. Simply enter their wallet address and scroll down to the Vesting section.
Terra Classic was the 2nd largest smart-contract blockchain in the industry, after Ethereum. The Terra network inherits that developer pool and passionate LUNAtic group.
Read More: Terra LUNA 2.0: Here’s Everything You Need to Know
To give the community a head start, Terra Classic’s most popular projects joined them when they moved to the new chain.
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