When Do Kwon’s Terra revival plan was officially approved, LUNA and UST holders saw a glimmer of hope. Under the plan, holders at pre- and post-crash snapshots are to be compensated with an airdrop of the new LUNA tokens, in varying proportions. Although initially controversial, the proposal eventually gained traction and won definitive approval in a community vote.
Over the past few days, as the launch of the Terra 2.0 blockchain was drawing near, many UST and LUNA holders went into overdrive searching for more information about the planned airdrop, with Terra officials, including Do Kwon, responding to very few questions on the matter.
Terra airdrop support has now been confirmed by Binance, Kraken, OKX, LBank, Bitfinex, KuCoin, FTX, ByBit, Bitrue, and Huobi, among others. Do Kwon has been busy retweeting support statements, and exchanges have rushed to outline an action plan.
One exchange that’s remained conspicuously silent is Coinbase, and some have suggested it was prudent to transfer LUNA and UST from Coinbase to another exchange.
Binance has suspended trading of the old LUNA tokens, now renamed LUNC, and UST, now known as USTC. The exchange will resume spot trading for LUNC/BUSD and USTC/BUSD pairs on May 30.
It could be one of the most ambitious airdrops in the history of crypto, with Terra aiming to distribute the new token among tens of thousands of users. Terra 2.0 is expected to go live on May 28, 6am UTC, and the airdrop is to be recorded on the first block.