The world’s largest cryptocurrency exchange, Binance, announced that it will support the renamed ecosystem tokens of Terra (LUNA), which is trying to rise from its ashes, and shared the details of the airdrop.
Binance will support Terra’s new tokens LUNC and USTC
As reported today by Binance, the legacy Terra ecosystem including LUNA and UST tokens will be renamed LUNAClassic (LUNC) and UST Classic (USTC) respectively.
The world’s largest cryptocurrency exchange, in addition to the renaming of Terra ecosystem tokens, will support the token airdrop of the project’s new tokens to all eligible users and will be distributed according to Terra’s distribution plan. explained. The development was also announced on Twitter by Wu Blockchain, a popular cryptocurrency media outlet:
Binance will support the rebranding and airdrop of the Terra network under the Terra Classic name. Binance will issue Terra 2.0 (new tokens) to all eligible users according to the Terra project team’s token distribution plan. The old tokens will be renamed LUNC and USTC.
How will Binance’s transaction process go?
LUNA (Legacy Token), UST (Legacy Token) stop trading
LUNA (legacy token) and UST (legacy token) deposits and withdrawals will be suspended on May 26, 2022 . Afterwards, on the same date, trading will be stopped and the LUNA/BUSD and UST/BUSD spot trading pairs will be delisted and the relevant spot pending orders will be cancelled.
LUNA (old token), UST (old token) code will be changed to LUNC, USTC
- LUNA (old token) code will be changed to LUNC.
- UST (former token) code will be changed to USTC.
LUNC, USTC transaction recovery
On May 30, 2022, LUNC/BUSD and USTC/BUSD will open for spot trading, and LUNC and Deposits and withdrawals of USTC tokens will continue.
Terra (LUNA) new token airdrop details
Binance will distribute Terra 2.0 LUNA (new tokens) to all eligible users according to the Terra project team’s token distribution plan. The specific distribution rate will be announced separately
Lock UST (old token) on the blockchain and will receive AnchorUST (aUST) as a certificate. Therefore, users participating in the UST (Old Token) locking via the Binance Stake platform will be eligible and included in this airdrop plan.
Pre-hack snapshot includes: spot account in currency margin contract account, leveraged account, Binance treasury account, betting account and LUNA (former token) but not U-margin contract account. Post attack snapshot contains LUNA (old token) and UST (old token) on spot account.
Leveraged accounts, credit accounts and LUNA (legacy tokens), UST (legacy tokens) transferred from these accounts to spot accounts will not be covered by the airdrop. Special airdrop distribution details will be announced separately for users participating in the LUNA (legacy token) and UST (legacy token) staking lockdown.
US citizens, legal entities and territories on the trade or economic sanctions list will not be eligible for this airdrop.
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