Tomorrow marks the unlocking of vested LUNA tokens that were airdropped to users following the UST depeg, increasing fears of a widespread sell-off. Following the LUNA scandal, the previous luna chain (now known as LUNC) switched to a sister chain dubbed LUNA 2.0 on May 26.
Based on the two snapshots described in the Terra Environment Revival Plan, fresh LUNA coins were airdropped to holders of LUNA, UST (now renamed USTC), and aUST as part of the transfer to the Terra ecosystem. Some of these airdropped LUNA tokens are anticipated to unlock on November 24.
Do Kwon and his internal team came up with the idea to airdrop their native staking token, LUNA, to all the users who held Terra coins either pre-attack or post-attack as a way to repay the whole Terra community.
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The types of tokens individuals owned on the Terra Classic chain, the length of time they held these tokens (based on Pre-Attack and Post-Attack snapshots), and the total quantity of tokens held all affect the amount of LUNA tokens the person will receive.
According to the Genesis LUNA airdrop timelines that the community had voted on back in May of this year. LUNA that was in vesting mode would start to deposit in the user's wallet on November 24 at 6 am UTC.
All LUNA on a vesting schedule that was airdropped was staked at Terra's Genesis, hence it has to be undelegated for 21 days before it becomes liquid. This aids in preventing a large-scale sell-off from impacting the price during the unlock.
By just pasting their wallet address and scrolling down to the Vesting section on Terrascope, you can define how much LUNA you might get in vesting.
The robust developer ecosystem and devoted LUNAtic community that helped Terra Classic become the second-largest smart contract blockchain in the market after Ethereum, are carried over to the new Terra network.
The majority of the well-known Terra Classic projects migrated with the community to the new chain in order to gain an early competitive advantage.