Wednesday, November 30, 2022
HomeCrypto NewsExchangesBreaking: Binance Confirmed Support For Terra 2.0 And Its Airdrop, Details

Breaking: Binance Confirmed Support For Terra 2.0 And Its Airdrop, Details

- Advertisement -

The largest crypto exchange joins the list of trading platforms that will support Terra’s upcoming airdrop. 

Binance, the world’s largest cryptocurrency exchange, has announced that it will be supporting the upcoming rebirth of the Terra 2.0 network and the renaming of the project’s ecosystem tokens. 

According to an announcement today by the exchange, old terra ecosystem tokens, including LUNA and UST, will be renamed LUNA Classic ($LUNC) and UST Classic ($USTC), respectively. 

Aside from the renaming of Terra ecosystem tokens, the world’s largest cryptocurrency exchange also disclosed that it will also support the project’s token airdrop of the new tokens to all eligible users and it will be distributed in accordance to Terra’s distribution plan. 

The development was also announced on Twitter by a popular cryptocurrency media outlet, Wu Blockchain: 

Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop. Binance will issue Terra 2.0 LUNA (new tokens) to all eligible users according to the Terra project team’s token distribution plan.”




Here is what Binance said:

“Binance will support the rebranding of the Terra network to the Terra Classic network and its airdrop program. In the announcement, LUNA and UST tokens on the Terra Classic network will be referred to as LUNA (Old Token), and UST (Old Token). The specific arrangements are as follows:

LUNA (Old Token), UST (Old Token) Trading Suspension Time:

On May 26, 2022, the deposit and withdrawal of LUNA (old token) and UST (old token) will be suspended;

On May 26, 2022, trading will be stopped and the LUNA/BUSD and UST/BUSD spot trading pairs will be delisted, and the corresponding spot pending orders will be canceled.

LUNA (old token), UST (old token) code will be changed to LUNC, USTC:

  • The code of LUNA (old token) will be changed to LUNC;
  • The code for UST (Old Token) will be changed to USTC.

LUNC, USTC transaction recovery time:

  • On May 30, 2022, LUNC/BUSD and USTC/BUSD spot trading will be opened;
  • On May 30, 2022, the deposit and withdrawal of LUNC and USTC tokens will be resumed.

LUNA New Token Airdrop:

Binance will distribute Terra 2.0 LUNA (new tokens) to all eligible users according to the token distribution plan of the Terra project team. The specific distribution ratio will be announced separately.

Binance Airdrop Rules:

Binance LUNA air drop rules

Lock UST (old token) on the chain, and you will get AnchorUST (aUST) as a certificate. Therefore, users who participate in UST (Old Token) lock-up through the Binance Staking platform are eligible for this airdrop and will be included in this airdrop plan.

The attack-pre-snapshot includes: spot account, leveraged account, Binance treasure account, staking account, and LUNA (old token) in the currency-margined contract account, but does not include the U-margined contract account.

Attack-post snapshot includes LUNA (old token), and UST (old token) in the spot account.

Leveraged accounts, loan accounts, and LUNA (Old Tokens), UST (Old Tokens) transferred from these accounts to spot accounts will not be covered by the airdrop.

For users who participate in the staking lock-up of LUNA (old token) and UST (old token), the specific airdrop distribution details will be announced separately.

U.S. citizens, corporate entities, and regions on trade or economic sanctions lists will not be able to receive this airdrop.”

- Advertisement -
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.