Terra
Published in

Terra

Terra 2.0 — LUNA Airdrop

LUNA, the proof-of-stake coin powering the new Terra blockchain

Terra 2.0 is nearly here. As a community-owned network, Terra will have its native staking token, LUNA, airdropped to its community, as described in Proposal 1623.

Upon Genesis on May 27th, 2022, eligible holders of LUNC, USTC and aUST will be airdropped LUNA on the new chain. The full distribution schedule can be found below.

LUNA Airdrop

The amount of LUNA you will be eligible to receive will be determined by the types of tokens you held on the Terra Classic chain, the time-period that you held these tokens (based on Pre-Attack and Post-Attack snapshots), and the quantity of tokens held.

The Pre-Attack and Post-Attack snapshots are as follows:

Table 1: Timeframes & Block Heights for Pre- & Post-Attack Snapshots

Eligibility

You will be eligible for the LUNA airdrop if you:

At the Pre-Attack snapshot, hold:

  • LUNA (including staking derivatives)
  • Less than 500k aUST (UST deposited in Anchor)

And/or at the Post-Attack snapshot, hold:

  • LUNA (including staking derivatives)
  • UST
Table 2: Eligibility for Airdrop & LUNA Vesting Schedule for Eligible Users

When Will I Receive My Airdrop?

As Table 2 illustrates above, the distribution and vesting of airdropped LUNA depends on the wallet’s token type & quantity, as well as the snapshot it exists in.

Date of first airdrop: Genesis — May 27th, 2022

At Genesis, 30% of the LUNA airdrop will be immediately available to Pre-Attack users with wallets that had less than 10k LUNA (including staking derivatives) or deposited UST in Anchor, and Post-Attack users with any quantity of LUNA (including staking derivatives), UST, or both.

Example Scenario — Alice

Alice holds LUNA and is an Anchor depositor. She has the following tokens in her account:

Table 3: Example Scenario — Alice

Alice will receive 30% of her eligible airdrop at Genesis on May 27th. Thereafter, her remaining airdrop will be vested linearly to the same wallet address over 2 years with a 6 month cliff.

Vested LUNA

At Genesis, all airdropped, vesting LUNA will be automatically staked to Terra validators in order to preserve network security. Users will earn staking rewards on their vesting LUNA starting from the point at which it is staked, and can claim these rewards at any point. Users can also undelegate, redelegate, and delegate their LUNA while it’s vesting and being staked. This ensures users have agency over which validators their vested LUNA is staked with.

Following the unlock of LUNA at Genesis, users will not receive the additional vesting LUNA until at least 6 months later (this is known as a 6-month cliff). The vested LUNA will be distributed every block (approximately every 6 seconds) to the same wallet address after the user’s cliff. If a user would like liquid LUNA as soon as their cliff hits, they’ll need to undelegate their staked, vested LUNA at least 21 days before the first day of their cliff. Users can also keep their vested LUNA staked after their cliff hits to continue earning staking rewards.

Assets, Chains, Bridges, and CEXs supported

As we work towards distributing LUNA to as many eligible users as possible in the airdrop, it’s important to note that technical issues restrict us from including all UST and LUNA holdings in the snapshots.

On a best effort basis, and where possible, we will earmark the total amount of LUNA in the bridge contract to be set aside as part of the community pool for distribution after the chain launches.

Assets that may not be included:

UST or LUNA bridged off of Terra

  • Users with bridged UST or LUNA who would like to be included in the Post-Attack snapshot need to bridge back to Terra before the snapshot is taken.

UST or LUNA on Terra protocols that cannot be easily identified

  • All protocols listed on DeFi Llama here will be covered, in addition to a few others that are known.

UST or LUNA on CW3 multi-sig contracts

  • Most UST and LUNA in CW3 multi-sig contracts will be accounted for, but there could be edge cases that may not be included.

The following table details the full list of chains, bridges, and CEXs that will be supported in the airdrop at Genesis:

Table 4: List of Chains, Bridges, & CEXs That Will Be Supported in the Airdrop

This table will continually be updated as we receive new information regarding the support of the airdrop.

About Terra 2.0

The new Terra network will inherit the deep developer pool and passionate LUNAtic community that made Terra Classic the 2nd largest smart contract blockchain behind Ethereum. As the community migrates to the new chain, most of the popular Terra Classic projects will be joining them, including:

  • Astroport
  • Prism
  • RandomEarth
  • Spectrum
  • Nebula
  • and many others

Built with interoperability in mind, Terra will be the gateway to the wider Cosmos ecosystem and beyond.

About Calculation Logic

Caveats

  1. Airdrop ratios depicted below are estimations* and can only be finalized when the block height of the ‘Post-Attack’ snapshot (i.e. Block 7790000 [2022–05–27, 00:38:08+08:00]) is reached.
  2. Cross-chain assets, such as Wrapped UST on ETH/MATIC/BSC, will be set aside and locked in the community pool at Genesis. Distribution of funds can only be made after Genesis.

Eligible aUST Supply

Formula = SUM(MIN(user’s aUST balance, 500k)) — TFL wallets UST Supply

Eligible UST Supply

Formula = UST Supply — TFL wallets UST Supply

Eligible LUNC Supply

Formula = LUNC Supply — TFL wallets LUNC Supply

Pre-attack aUST holders airdrop ratio

Formula = aUST allocation / Eligible Pre-attack aUST Supply

Pre-attack LUNC holders airdrop ratio

Formula = LUNA allocation / Eligible Pre-attack LUNC Supply

Post-attack LUNC holders airdrop ratio

Formula = LUNA allocation / Eligible Post-attack LUNC Supply

Post-attack UST holders airdrop ratio

Formula = LUNA allocation / Eligible Post-attack UST Supply

Final user allocation

Pre-attack aUST holders airdrop ratio x User pre-attack eligible aUST holdings

+ Pre-attack LUNC holders airdrop ratio x User pre-attack LUNC holding

+ Post-attack LUNC holders airdrop ratio x User post-attack LUNC holding

+ Post-attack UST holders airdrop ratio x User post-attack UST holding

Note: If the final allocation of new LUNA to the address is less than 1 LUNA, the airdrop will be allocated to the community pool.

Additional Resources

If you’d like to learn more about Terra, check out the resources below 👇

--

--

--

Fueled by a passionate community and deep developer pool, the new Terra blockchain is one of the most decentralized chains ever launched.

Recommended from Medium

Risks as Liquidity Providers

The Blockchain Trilemma

ERC20 vs. TRC20 vs. BSC vs. SPL vs. ERC 721 vs. ERC 1155

Athena Airdrop: Get Free 100 $ATH Tokens

A detailed guide about Credit Cleaner (CC) and CC Token?

Dfyn’s First Governance Vote is here

MIC shares high-quality education, and “blockchain” becomes the pathway for education

JPM2018: Healthcare And The Hype Around Blockchain

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
MC

MC

@mc_ust

More from Medium

Everybody Should Be Concerned about Monkeypox

The Ronin Heist

RUGGED STARIX#testingHYIP

Australia Doesn’t Have Mass Shootings