binance staking of terra 2.0

Binance Staking Completes the Initial Phase of Terra 2.0 Airdrops

On Tuesday, cryptocurrency exchange Binance announced that it has completed the first phase of airdropping new Terra Luna (LUNA) tokens to Terra Luna Classic (LUNC), TerraUSD (USTC), and AnchorUST (aUST) owners. Did.

Distributions were “pre-attack” and “attack” of token holders acquired at 14:59:37 on May 7, 2022, with a LUNC block height of 7,544,910 and Thursday at 16:38:08 with a block height of 7,790,000.

It was based on an “after” snapshot. Respectively. As Binance said, users have received new LUNA tokens based on the reward scheme outlined by the Terra developers.

Before attack 1aUST = 0.01827712143 LUNA Before attack 1LUNC = 1.034735071 LUNA After attack 1USTC = 0.02354800084 LUNA After attack 1LUNC = 0.000015307927 LUNA

Prior to the attack, one AUST value was $ 1.24, while one LUNC value was about $ 75. At the time of the attack, one USTC and one LUNC were worth $ 0.0632 and $ 0.0001434, respectively.

At the time of publication, each LUNA token is worth $ 9.25. Approximately 30% of LUNA tokens will be distributed on the fly, regardless of time stamp, and the remaining 70% will be distributed monthly on a vesting schedule starting later this year, according to Terra’s reform plan.

In addition, users who bet USTC through Binance Stake’s pre-attack were also targeted for airdrops. After all, the user’s USTC assets were bet on the chain using aUST as a yield-bearing token.

Binance started USTC staking just a month ago and ended the program shortly after the collapse of the TerraLunaClassic ecosystem.

Despite the success of AirDrop on Binance, token distribution did not seem to go as smoothly as expected for crypto enthusiasts holding Terra assets in their self-managed wallets.

Terra developers said some users received less than expected LUNA from AirDrop and are actively working on the solution. On the same day, a LUNC pricing error seems to have created another exploit that could run out of all the funds for the mirror protocol built on Terra.