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. They also announced their highly anticipated airdrop of the new LUNA token. How to claim LUNA on Terra 2.0? Here’s a quick guide that sums up everything that happened so far.
Why did Terra crash?
The old Terra blockchain had an algorithmic stablecoin called Terra USD or UST. This token was a cryptocurrency that was pegged to the USD. This was done by having a basket of other cryptocurrencies and currencies, with an algorithm that auto-shuffled between the perfect match to stabilize UST to a 1:1 ratio with USD.
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. A snowball effect happened where more and more investors liquidated away from Terra’s ecosystem until LUNA and UST both crashed by 99.9%.
What is Terra 2.0?
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. This remedy, however, was in vain, and nothing came of it.
After this failed recovery effort, Do Kwon developed a new strategy. This time, he supported replacing the entire blockchain with a new one that was developed from the ground up with code improvements. Terra 2.0 will be the new blockchain, and $LUNA will be the new coin ticker. It is important to know that this is not a fork of the old blockchain. This will be a completely new ecosystem and brand new blockchain. The new Terra will not have a stablecoin, and will have only 1 Billion LUNA ever created. The old LUNA tokens are now called LUNA Classic, with a LUNAC ticker and have a 6.5 trillion supply.
Binance supports the new LUNA of Terra 2.0
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. 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.
Binance was among the crypto companies that also announced listing the new LUNA from Terra 2.0 on its platform. Users will be able to trade LUNA versus USDT and BUSD. They also the Terra 2.0 airdrop taking place on their platform called the “Innovation Zone”.
How to Claim LUNA on Terra 2.0?
Who is Eligible for the new LUNA token?
Individuals who are eligible for the new LUNA airdrop are users who already owned LUNA or UST (now called LUNAC and USTC). There are 2 categories of users:
- Users who owned LUNA or UST before the collapse
- Users who owned LUNA or UST after the collapse
Each user will receive an airdrop of the new LUNA token based on how many tokens he had pre or post the attack incident:
- Pre-Attack 1 aUST = 0.01827712143 LUNA or 1 LUNC = 1.034735071 LUNA
- Post-Attack 1 USTC = 0.02354800084 LUNA or 1 LUNC = 0.000015307927 LUNA
How to Claim new LUNA tokens?
If you are eligible to receive the new LUNA token and have LUNAC or USTC on the previous networks, follow the below steps to know how to claim LUNA tokens if you have a decentralized wallet:
- Go to your Terra Station
- Connect your wallet
- Add the new Terra network to your wallet and select it
- Name: Terra 2.0
- Chain ID: phoenix-1
- LCD: https://lcd.terra.dev
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.
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