Published May 31, 20221 min read

Seventy percent of tokens are now kept in escrow and will be vested later this year

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CoinMooner Team
artwork image for: Binance Staking Concludes the First Phase of the Terra 2.0 Airdrop but Ecosystem Difficulties Continue

The distribution was based on snapshots of token holders taken "pre-attack" and "post-attack" at LUNC block height 7,544,910 at 14:59:37 on May 7, 2022, UTC and block height 7,790,000 at 16:38:37 on Thursday, respectively. According to Binance, customers got new LUNA tokens from the Terra creators' compensation program.

Pre-Attack 1 aUST = 0.01827712143 LUNA

Pre-Attack 1 LUNC = 1.034735071 LUNA

Post-Attack 1 USTC = 0.02354800084 LUNA

Post-Attack 1 LUNC = 0.000015307927 LUNA

One aUST was valued $1.24 before the assault, whereas one LUNC was worth around $75. One USTC and one LUNC were valued at $0.0632 and $0.0001434 after the assault, respectively. Each LUNA token was valued at $9.25 at the time of publishing. In line with Terra's reformation plan, about 30 percent of LUNA tokens were released immediately, while the remaining 70 percent will be distributed monthly on a vesting schedule later this year.

Users who staked USTC through Binance Staking before the assault was eligible for the airdrop. Users' USTC assets were staked on-chain, with aUST serving as the yielding token. Binance introduced USTC staking only one month before the downfall of the Terra Luna Classic ecosystem and terminated the program soon afterward.

Despite the successful airdrop on Binance, the token distribution for crypto enthusiasts storing Terra assets in self-custodial wallets did not proceed as well as anticipated. According to Terra developers, some customers got less LUNA than anticipated from the airdrop, which is currently working on a remedy. On the same day, a LUNC pricing issue seems to have led to another vulnerability that may have drained all money from the Terra-based Mirror protocol.

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