Our support for LUNA’s airdrop

written by Stephane Marbeau

Our support for LUNA’s airdrop

Okcoin will support Terra’s proposal, including LUNA’s airdrop.

Customers who held LUNA or staked TerraUSD (aUST) on Okcoin prior to the attack on May 7th will receive an airdrop of the newly minted Terra (LUNA) tokens. Customers will also receive an airdrop for LUNA and UST tokens they held post-attack on May 26.

In summary

  • Okcoin will support Terra’s new LUNA airdrop and is actively working to distribute funds to LUNA and UST holders
  • Customers who held LUNA and UST in their portfolios will now see these assets listed as LUNC and USTC, respectively
    • The original LUNA token will be listed under the name Luna Classic (LUNC)
    • The original stablecoin TerraUSD (formerly UST) will stay on the Classic chain, and will be listed under the name TerraClassicUSD (USTC)
  • LUNA, LUNC and USTC are now available to deposit, withdraw, and trade

If you’re curious, you can read more about the proposal. Read on for more details about how we’re going to proceed with the airdrop and the snapshots.

LUNA 2.0 airdrop rules

1. Okcoin took a snapshot of all LUNA holders on Okcoin at 14:59:37 (UTC) May 7, 2022. The number of tokens LUNA holders (May 7) will receive in the airdrop will be equal to the number of LUNA they held at the moment of the snapshot on May 7 divided by the total number of LUNA Okcoin users held at the moment of the snapshot on May 7 multiplied by the total number of tokens in the airdrop as received by Okcoin.

2. Okcoin took a snapshot of LUNA and UST holders on Okcoin near the 7,790,000 LUNA block height (estimated time: 19:59:51 (UTC) on May 26, 2022).

Snapshot rules

Both trading accounts and funding accounts will be included in the snapshots. The rules will be the following:

  • At the time of the snapshot, all the LUNA and UST tokens that are being withdrawn or not deposited successfully will not be included. Please deposit or withdraw funds ahead of time.
  • At the time of the snapshot, accounts that hold LUNA and UST tokens valued under 1 USD will not be included in the airdrop.

Temporary freeze on depositing and withdrawing tokens

Starting from 15:00 (UTC) on May 26, 2022, Okcoin will temporarily suspend depositing, withdrawing, and transferring LUNA and UST. The suspension ends at 15:00 (UTC) on May 31, 2022.

New LUNA token distribution time

The new LUNA tokens will be promptly distributed as they are received by Okcoin. There will be another announcement when the distribution is complete.

About trading the new token

As of May 31, the new LUNA token has gone through Okcoin’s regular review process to determine whether it can be traded on our platform. It is now available for trading.

Detailed airdrop rules

The number of tokens LUNA holders (May 26) will receive in the airdrop will be equal to the number of LUNA they held at the moment of the snapshot on May 26 divided by the total number of LUNA Okcoin users held at the moment of the snapshot on May 26 multiplied by the total number of tokens for LUNA holders in the airdrop as received by Okcoin.

The number of tokens UST holders (May 26) will receive in the airdrop will be equal to the number of UST they held at the moment of the snapshot on May 26 divided by the total number of UST Okcoin users held at the moment of the snapshot on May 26 multiplied by the total number of tokens for UST holders in the airdrop as received by Okcoin.

Please note: Since it’s difficult to predict the exact block generation time of LUNA, we will be taking snapshots every minute around the block height of 7,790,000 and will take the closest snapshot to the final block height as the final snapshot result. To ensure the accuracy of equity snapshots, please try to avoid trading or transferring funds during snapshots time.

Here are the details of the airdrop rules for those who staked on Anchor. TL;DR: Anyone who staked UST on Anchor via Okcoin Earn will be covered by the airdrop.

CategoryAssets HoldingsSnapshot TimingRecovery TypeAssets DistributedDistribution Plan
Pre-attackLUNA (old), AnchorUST (aUST)2022-05-07 02:59 (UTC),at Terra Classic block height of 7,544,910< 10k LUNA (old) holdingLUNA (new)– distribute 30% of the total amount received before 2022-05-31 08:30 (UTC);
– from December 2022 onward, monthly distribution of the remaining 70% over 24 months.
Pre-attackLUNA (old), AnchorUST (aUST)2022-05-07 02:59 (UTC),at Terra Classic block height of 7,544,91010k ≤ LUNA (old) holding < 1MLUNA (new)– from June 2023 onward, monthly distribution over 24 months.
Pre-attackLUNA (old), AnchorUST (aUST)2022-05-07 02:59 (UTC),at Terra Classic block height of 7,544,910≥ 1M LUNA (old) holdingLUNA (new)– from June 2023 onward, monthly distribution over 48 months.
Pre-attackLUNA (old), AnchorUST (aUST)2022-05-07 02:59 (UTC),at Terra Classic block height of 7,544,910LUNA (old) and UST (old) Earn users

Note: Users UST holdings greater than 500K will be calculated as 500K
LUNA (new)– distribute 30% of the total amount received before 2022-05-31 08:30 (UTC);
– from December 2022 onward, monthly distribution of the remaining 70% over 24 months.
Post-attackLUNA (old),UST (old)2022-05-26 19:59 (UTC),at Terra Classic block height of 7,790,000LUNA、UST HoldersLUNA (new)– distribute 30% of the total amount received before 2022-05-31 08:30 (UTC);
– from December 2022 onward, monthly distribution of the remaining 70% over 24 months.

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