Binance, the world’s largest crypto exchange by trading volume, has recently announced the completion of the second round of Terra (LUNA) airdrop to Terra Classic (LUNC) and TerraClassicUSD (USTC) holders. The second round was for the eligible users who held the embattled digital token and its algorithmic stablecoin at the time of snapshots, which took place before and after the Terra collapse of May 2022.
According to an announcement published by the leading exchange on the 22nd of December, the snapshots played out on the 7th of May (Pre-Attack) and on the 26th of May (Post-Attack).
Read Also: Terra Classic (LUNC) Defeats Bitcoin (BTC) in the Binance Showdown Contest
There is a significant difference between the amount airdropped to users who held these tokens before and after the collapse of the Terra ecosystem.
The distribution plan also shows that Binance will carry out the remaining Terra (LUNA) airdrop distributions from December 2022 or June 2023 onward. The exchange reveals that this will take place over a period of 24 or 48 months.
Recall that the Terra ecosystem collapsed earlier this year and subsequently rebranded to the Terra Classic ecosystem, while an entirely new chain was launched to replace the imploded blockchain.
After the collapse of the Terra blockchain, LUNC circulating supply jumped from 340 million tokens to 6.9 trillion, resulting in a historic LUNC price drop to fractions of a Cent.
Read Also: Binance CEO Discusses How Lesser Fees Would Lead to More Terra Classic (LUNC) Burns
In order to revive the collapsed chain, Terra Classic’s determined enthusiasts launched and passed a 1.2% tax burn proposal, which is expected to burn LUNC effectively from all transactions initiated on the network.
It’s worth noting that Binance has been supporting the LUNC burn initiative and it’s currently the major contributor with billions of LUNC tokens already incarcerated by the exchange.
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