The Terra ecosystem underwent a significant event in May 2022, involving a major token migration and airdrop for LUNA and UST holders. OKX, a leading cryptocurrency exchange, officially announced its support for these initiatives, ensuring its users would receive the new tokens accordingly.
This guide explains the key details of that support, the snapshot rules, and what users needed to know.
What Was the LUNA Airdrop and Migration?
In response to the extreme market events that impacted the Terra blockchain, its team proposed a recovery plan. This involved creating a new blockchain and token, often referred to as Terra 2.0 or LUNA 2.0.
Part of this plan included an airdrop of the new LUNA tokens to holders of the original assets. The original LUNA token was renamed to Luna Classic (LUNC), and the original UST stablecoin was renamed to UST Classic (USTC). The airdrop was designed to distribute the new tokens to affected community members.
How OKX Supported Its Users
OKX played a supportive role by seamlessly integrating these changes for its users. The exchange committed to handling the technical process on the backend and ensuring that all eligible users received the tokens they were entitled to from the airdrop.
Crucially, OKX stated that it would distribute 100% of the airdropped tokens received from the Terra network directly to its users, with no fees deducted for the service.
Key Snapshot Timelines
The distribution was based on two critical snapshots of user balances on the OKX platform:
- First Snapshot (LUNA Holders): This snapshot was taken on May 7, 2022, at 22:59:37 (HKT). It captured the balances of users holding the original LUNA token to determine a portion of the airdrop eligibility.
- Second Snapshot (LUNA & UST Holders): A second, more comprehensive snapshot was planned for around block height 7,790,000 on the Terra classic chain. This was estimated to occur on May 27, 2022, at approximately 03:59:51 (HKT). This snapshot captured balances of both the original LUNA and UST tokens to finalize airdrop allocations.
Users needed to have their tokens in their OKX spot wallets at the exact times of these snapshots to qualify.
The Importance of Exchange Support During Network Events
Major network upgrades, forks, or migrations can be confusing for users. The role of a reliable exchange is to simplify this process. By supporting such events, exchanges provide several key benefits:
- Simplification: They handle all the complex technical steps involved in claiming new tokens.
- Security: Users don't need to move their funds to private wallets to participate, reducing the risk of errors or loss.
- Guaranteed Distribution: Exchanges ensure that users receive their fair share of any distributed tokens directly into their accounts.
For any major crypto event, it is always vital to check the official announcements from your exchange for specific rules, timelines, and procedures. 👉 View the official exchange guide for handling airdrops
Frequently Asked Questions
What happened to my old LUNA and UST tokens on OKX?
Following the migration, the original LUNA token was renamed to Luna Classic (LUNC) and the original UST was renamed to UST Classic (USTC). These tokens remained in your account if you held them.
Did OKX charge any fees for the LUNA airdrop?
No, according to their announcement, OKX distributed 100% of the airdropped tokens received from the Terra network to eligible users without any deductions.
I held LUNA on OKX during the snapshots. What did I need to do?
For most users, no action was required. OKX automatically took the snapshots and distributed the new tokens to eligible users' spot wallets after the migration was complete. The best practice was to ensure your tokens were in your spot wallet and not in any trading order at the snapshot times.
What was the difference between LUNC and the new LUNA?
LUNC (Luna Classic) is the original token on the original Terra blockchain. The new LUNA (sometimes called LUNA 2.0) is the native token of the new Terra blockchain created after the migration.
How could I verify the official announcement?
All official details were published on OKX's official website announcement page. Users were always advised to refer only to official sources and beware of scams impersonating exchanges offering fake airdrops.
Are there risks involved with airdropped tokens?
Yes, new tokens can be highly volatile. It's important to conduct your own thorough research (DYOR) on the project's prospects before making any investment decisions based on received airdrops.