Terra USD (UST), the stablecon of the Terra ecosystem, had lost its dollar peg, and the ecosystem had completely collapsed. Terra was later brought back to life with a fork. In this process, LUNA tokens were airdropped to users after the UST depeg. However, these tokens remained locked. Terra will unlock that lock tomorrow. However, this development also raises mass selling concerns for the altcoin.
Unlocking Airdrop LUNA tokens
cryptocoin.comAs you follow, on May 26, the Terra ecosystem collapsed, throwing the crypto market into crisis as well. After the LUNA debacle, the old LUNA Blockchain was transformed into a sister Blockchain named LUNA 2.0. The old Blockchain continued as Terra Classic (LUNC).
The team carried out the transition process within the scope of the ‘Terra Ecosystem Revitalization Plan’. As part of the transition to the Terra ecosystem, new LUNA tokens were airdropped to LUNA, UST (now USTC) and UST holders based on the two snapshots outlined in this plan. Tomorrow, some of the airdrop LUNA tokens are expected to be unlocked.
As a way to compensate the entire Terra community, Do Kwon and his internal team found the solution to airdrop the local stake tokens LUNA to all users holding Terra tokens both before and after the crash. They determined the amount of LUNA that the person will be entitled to receive, based on the types of tokens that users hold on the Terra Classic Blockchain, the time they hold these tokens, and the number of tokens held.
Lock up, will it affect altcoin price?
LUNA tokens have been in vesting mode until now. The community approved the Genesis LUNA airdrop tariffs in May of this year. In line with this now, it will start depositing funds into users’ wallets on November 24.
According to an entitlement scheme, the airdrop must not be delegated for 21 days for it to become liquid, as all LUNAs are staked on Terra’s Genesis. This will help keep the price stable during unlocking and not be affected by a bulk sale. At press time, LUNA is trading at $1.55, up 0.81% on a daily basis.
It’s possible for Holders to use the Terrascope to find out how much LUNA they can have. For this, they need to paste their wallet address and slide it to the Vesting section.
The new Terra network inherits the deep pool of developers and the passionate LUNAtic community, making Terra Classic the 2nd largest smart contract Blockchain in the industry after Ethereum. As the community moved to the new Blockchain, many of the popular Terra Classic projects followed suit. Thus, he acted with the community to get a strong start.
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