Binance staking finishes the initial phase of Terra 2.
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0 airdrop and about 70% of the tokens are held in escrow and will be vested later this year so let’s have a closer look at today’s latest Binance news.
The crypto exchange announced that Binance staking finishes and it completed the first stage of airdropping the new Terra Luna tokens to Terra Luna Classic, AnchorUST, and TerraUSD. The distribution was based on a “pre-attack” and “post-attack” snapshots of the token holders that were taken at block height 7,544,910 on May 7, 2020 UTC and then block height 7,790,000. The users on Binance received new LUNA tokens based on the compensation scheme that was outlined by the developers of Terra.
At the pre-attack time, one aUST had a value of $1.24 while one LUNC was worth $75. At the post-attack time, one USTC and one LUNC were worth $0.0632 and $0.0001434 so at the time of writing, each LUNA token was worth $9.25 so regardless of the timestamp, about 30% of the LUNA tokens were distributed and the remaining 70% will be distributed monthly in the vesting schedule that will start later this year. The users that stake their USTC via Binance Staking were eligible for the airdrop and as it looks like, users’ USTC assets were staked on-chain with aUST as the bearing token.
Binance launched USTC staking a month before and ended the program after the crash of the Terra Luna Classic ecosystem.
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Despite the airdrop on Binance, it seems that the token distribution didn’t go as planned with crypto enthusiasts holding their assets in self-custodial wallets. The developers said that some users got less LUNA than expected from the airdrop and are working on a solution. LUNC’s pricing error also caused another exploit that drained the Mirror Protocol built on Terra.
As recently reported, The price of LUNA 2 soars 90% overnight to an intraday high of $11.33 before the Binance airdrop but then dropped back to around $8.26 at the time of writing. At current prices, the increase to $8.26, represents a 35% gain over the past 24 hours but the price tanked 56% since launching on the weekend at the opening price of $18.87.
The members of the community posted screenshots of the price surging to $12 on the MEXC Global exchange with one Twitter user outlining some surging moments as they noted the price surged to around $2.00 in the time span of 30 minutes. Binance is one of the few exchanges that aided the launch of the Terra ecosystem and is set to launch a multi-year airdrop campaign for eligible users from Tuesday along with opening up the token for trading.
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