Friday, September 30, 2022
HomeCryptocurrencyTerra Unveils New Proposal to Airdrop Users Who Received Incorrect Allocation of...

Terra Unveils New Proposal to Airdrop Users Who Received Incorrect Allocation of LUNA

As a report has it, the Terra team has launched a new proposal to airdrop users who did not receive the correct allocation of LUNA tokens when it was distributed after the launch of the new Terra blockchain.

The new development was passed across via the official Twitter handle of Terra (LUNA). According to the report, once the proposal is approved, the LUNA tokens allocated for this purpose will be airdropped from the community pool.

Read Also: Do Kwon Breaks His Silence, Says He Lost His Big Bet on Terra (LUNA) and UST

Terra team tweeted, “A new proposal to airdrop LUNA from the Community Pool to users who either did not receive the correct allocation of LUNA at Genesis due to technical constraints or issues associated with indexing is live on Agora.”

The Proposal Requests 18,709,455 LUNA

In the blog post captioned in the announcement, the proposal aims to request 18,709,455 LUNA from the community pool.

As aforementioned, the airdrop will be executed to those who either did receive the correct allocation of LUNA due to technical or indexing issues.

A number of blockchains, protocols, and wallet types that are eligible for the airdrop are outlined in the blog post. But some chains that are affected are excluded from the list “due to inabilities to properly index technical complexities, or small amounts of USTC, aUST, or LUNC held on-chain at the snapshot height.”

The update also says that non-Terra exchange addresses that have received the airdrop at genesis will not be eligible for this airdrop.

Read Also: Terra (LUNA) Investigation: New York Attorney General Urges Affected New Yorkers to File Complaints

The blockchains to receive the airdrop once the proposal is approved include Terra, Ethereum, Avalanche, BNB Chain, Polygon, Fantom, Thorchain, Cronos, Kava, and Injective.

According to the blog post, the vesting periods and airdrop calculations will be similar to that of the LUNA airdrop at Genesis. The only difference comes in a bid to avoid the instability of market liquidity upon distribution.

<

The update says, “All LUNA airdropped to holders of less than 10k Pre-attack LUNC, any Pre-attack aUST, or any Post-attack LUNC and/or USTC will vest over 2 years with a 6-month cliff.”

In order to distribute the LUNA tokens accordingly, the Terra team is working directly with cross-chain protocols and foundation teams to gather indexed data. This is aimed at dealing with the complexities of indexing every cross-chain protocol for the airdrop.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles

Recent Comments