Binance Staking completes early on of Terra 2. airdrop as ecosystem issues persist

On Tuesday, cryptocurrency exchange Binance stated it completed the very first stage of airdropping new Terra Luna (LUNA) tokens to holders of Terra Luna Classic (LUNC), TerraUSD (USTC) and AnchorUST (aUST). 

The distribution took it’s origin from “pre-attack” and “publish-attack” snapshots of token holders taken at LUNC block height 7,544,910 at 14:59:37 on May 7, 2022 UTC and block height 7,790,000 at 16:38:08 on Thursday, correspondingly. As relayed through Binance, users received new LUNA tokens in line with the compensation plan outlined by Terra developers: 

  1. Pre-Attack 1 aUST = .01827712143 LUNA
  2. Pre-Attack 1 LUNC = 1.034735071 LUNA
  3. Publish-Attack 1 USTC = .02354800084 LUNA
  4. Publish-Attack 1 LUNC = .000015307927 LUNA

In the pre-attack time, one aUST were built with a worth of $1.24 while one LUNC was worth roughly $75. In the publish-attack time, one USTC and something LUNC were worth $.0632 and $.0001434, correspondingly. During the time of publication, each LUNA token may be worth $9.25. No matter timestamp, roughly 30% of LUNA tokens were distributed around the place, as the remaining 70% is going to be distributed monthly inside a vesting schedule starting later this season, in compliance with Terra’s reformation plan

Furthermore, users who staked their USTC via Binance Staking pre-attack were also qualified for that airdrop. Actually, users’ USTC assets were staked on-chain, with aUST because the yield-bearing token. Binance launched USTC staking merely a month prior and ended this program soon after the implosion from the Terra Luna Classic ecosystem. 

Related: Luna Classic prices error results in Mirror Protocol exploit

Regardless of the effective airdrop on Binance, it seems the token distribution didn’t go as easily not surprisingly for crypto enthusiasts holding Terra assets in self-custodial wallets. Terra developers stated that quite a few users received less LUNA than expected in the airdrop and therefore are positively focusing on an answer. Within 24 hours, a LUNC prices error seems to possess caused another exploit that potentially drained Mirror protocol, that is built on Terra, of its funds. 

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