Binance Staking completes initial phase of Terra 2.0 airdrop as ecosystem issues persist

On Tuesday, cryptocurrency alternate Binance said it accomplished the primary stage of airdropping new Terra Luna (LUNA) tokens to holders of Terra Luna Basic (LUNC), TerraUSD (USTC) and AnchorUST (aUST). 

The distribution was based mostly on “pre-attack” and “post-attack” snapshots of token holders taken at LUNC block peak 7,544,910 at 14:59:37 on Could 7, 2022 UTC and block peak 7,790,000 at 16:38:08 on Thursday, respectively. As informed by Binance, customers received new LUNA tokens based mostly on the compensation scheme outlined by Terra builders: 

  1. Pre-Assault 1 aUST = 0.01827712143 LUNA
  2. Pre-Assault 1 LUNC = 1.034735071 LUNA
  3. Submit-Assault 1 USTC = 0.02354800084 LUNA
  4. Submit-Assault 1 LUNC = 0.000015307927 LUNA

On the pre-attack time, one aUST had a worth of $1.24 whereas one LUNC was price roughly $75. On the post-attack time, one USTC and one LUNC have been price $0.0632 and $0.0001434, respectively. On the time of publication, every LUNA token is price $9.25. No matter timestamp, roughly 30% of LUNA tokens have been distributed on the spot, whereas the remaining 70% might be distributed month-to-month in a vesting schedule beginning later this yr, in accordance with Terra’s reformation plan

Moreover, customers who staked their USTC through Binance Staking pre-attack have been additionally eligible for the airdrop. Because it seems, customers’ USTC belongings have been staked on-chain, with aUST because the yield-bearing token. Binance launched USTC staking solely a month prior and ended this system shortly after the implosion of the Terra Luna Basic ecosystem. 

Associated: Luna Classic pricing error leads to Mirror Protocol exploit

Regardless of the profitable airdrop on Binance, it seems that the token distribution didn’t go as easily as anticipated for crypto fanatics holding Terra belongings in self-custodial wallets. Terra builders said that some customers acquired much less LUNA than anticipated from the airdrop and are actively engaged on an answer. The identical day, a LUNC pricing error seems to have triggered one other exploit that probably drained Mirror protocol, which is constructed on Terra, of all its funds.