Bitpanda will support the Terra 2.0 (LUNA) Airdrop for Terra Classic (LUNC) holders

Update (June 9, 2022): The LUNA post-attack airdrop has been paid out to the LUNA wallets of all eligible users. This means that we credited the unlocked LUNA airdrop based on the post-attack snapshot (30% of the overall airdrop for post-attack) to users’ Bitpanda wallets. This amount was calculated by multiplying Terra Classic with the conversion rate for the post-attack (1 Terra Classic = 0.000015307927 LUNA), as defined in the Terra Ecosystem Revival Plan.

As of today, we still have not received any response from Terra team regarding the pre-attack airdrop which remains locked. As Terra is the only party who can unlock the pre-attack airdrop and resolving the matter is beyond the power of Bitpanda, we are unable to pay out the airdrop to Bitpanda users until we receive the ability to do so from Terra. We will keep you updated on developments and let you know once we know when we can start distributing the LUNA pre-attack airdrop.

Update (June 3, 2022): The unlocked LUNA airdrop based on the post-attack snapshot - as per the Terra Ecosystem Revival Plan - is on its way. All eligible users will receive an email confirming the funds have been deposited on their LUNA wallets.

Update (June 2nd, 2022): At Bitpanda, the safety of our community and their assets is paramount. We store users’ funds in a highly-secure offline storage environment and we have received the full amount of LUNA for all users entitled to the airdrop based on the pre-attack snapshots, subject to the Terra Ecosystem Revival Plan conditions. Bitpanda is committed to distributing these funds immediately, but cannot as they are currently locked by Terra as per the linked airdrop plan conditions. We are in close contact with the Terra team to unlock these funds. Once we have resolved this with Terra, we will credit all eligible users with their LUNA entitlement. The post-attack snapshots funds are not affected and we will distribute them as soon as possible.

What happened to Terra (LUNA)?

On May 9, 2022, the original Terra blockchain crashed after its stablecoin TerraUSD became unpegged from the US dollar and TerraUSD and its sister coin, previously known as Terra (LUNA), experienced severe price drops. 

On May 25, 2022, the Terra community passed the genesis of a new chain named Terra (2.0) in governance proposal 1623, including the genesis distribution of LUNA airdropped to users of the original Terra Classic chain.

The new chain will be called Terra 2.0 and the staking asset of the new chain will be called LUNA. According to official information, unlike the original chain, the new Terra 2.0 chain will not contain stablecoins. 

To minimise confusion in an already confusing time, we will refer to the new chain as Terra 2.0 and to the new asset as Luna (LUNA). 

What do I need to know about the new LUNA token?

The original chain remains active and has been rebranded as Terra Classic. Terra Classic’s token, previously known as Terra (LUNA), has been rebranded and is now Terra Classic (LUNC). Terra stablecoins also underwent name changes and are now called Terra Classic stablecoins: for instance, TerraUSD (UST) was renamed TerraClassicUSD (USTC), TerraEUR (EUT) was renamed TerraClassicEUR (EUTC), and so forth. 

How do I get my LUNA airdrop?

The new Terra 2.0 token LUNA will be distributed to all eligible users upon Bitpanda’s successful receipt of LUNA tokens issued by the Terra project team. Detailed information will be provided as soon as it is available.

Eligible users on Bitpanda who held Terra Classic (LUNC) when the snapshots were taken will receive an amount of tokens during the LUNA airdrop based on how many LUNC tokens they were holding (based on the timings pre- and post-attack). For further information, please check the Terra 2.0 — LUNA Airdrop Calculation Logic. 

From the Terra Ecosystem Revival Plan 2: 

Definitions:

“Pre-attack” snapshot to be taken at at Terra Classic block 7544910 (2022.05.07 22:59:37+08:00)

“Post-attack” snapshot to be taken at Terra Classic block 7790000 (2022.05.27 00:38:08+08:00)

If you are a user who held LUNC on Bitpanda during the pre- & post-attack snapshots, you don’t have to worry, as we will take care of everything for you. We decided to support Terra 2.0’s LUNA airdrop, which means that we will handle the opt-in and credit LUNC holders on Bitpanda (broker) with the new LUNA tokens. 

Please note that while we will credit LUNA tokens to Terra Classic (LUNC) holders and have already listed LUNA as a new digital asset on Bitpanda, we are closely monitoring the situation surrounding the upgrade to the new Terra 2.0 blockchain and will keep you updated.

You can find more information on the move from Terra Classic to the new Terra 2.0 chain, including details on the genesis of the new chain, in the Terra documentation.

Disclaimer

This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets.

This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein.

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