On Tuesday, cryptocurrency exchange Binance said it has completed the first phase of airdropping the new Terra Luna (LUNA) token to holders of Terra Luna Classic (LUNC), TerraUSD (USTC), and AnchorUST (aUST).
The distribution was based on “pre-attack” and “post-attack” snapshots of token holders on May 7, 2022 UTC at LUNC block height 7,544,910 at 14:59:37 and on May 16:38:08 at block height 7,790,000 was. 26, 2022 UTC, respectively. As Binance reported, users received new LUNA tokens based on the compensation scheme outlined by the Terra developers:
- Pre-attack 1 aUST = 0.01827712143 LUNA
- Pre-attack 1 LUNC = 1.034735071 LUNA
- 1 USTC = 0.02354800084 Luna after the attack
- attack after 1 LUNC = 0.000015307927 Luna
At the time of the pre-attack, an aUST was worth $1.24 while a LUNC was worth about $75. After the attack, one USTC and one LUNC were priced at $0.0632 and $0.0001434, respectively. At the time of publication, each LUNA token is priced at $9.25. Regardless of the timestamp, approximately 30% of LUNA tokens were distributed on the spot, while the remaining 70% will be distributed monthly in a vesting program starting later this year, in line with Terra’s reform plan.
Additionally, users who staked their USTC through the Binance Staking pre-attack were also eligible for the airdrop. As it turns out, users’ USTC assets were staked on-chain, with AUST in the form of a yield-bearing token. Binance launched USTC staking only a month ago and ended the program shortly after the Terra Luna Classic ecosystem exploded.
RELATED: Luna Classic pricing error leads to Mirror Protocol exploit
Despite the successful airdrop on Binance, it appears that token distribution did not go as smoothly as crypto enthusiasts had hoped for holding Terra assets in a self-custodial wallet. Terra Developers Told That some users received lower LUNA than expected and are actively working on a solution. On the same day, a LUNC pricing error caused another exploit that potentially ended the Mirror Protocol, which Terra is built on, of all of its funds.
