Binance Staking completes initial phase of Terra 2.0 airdrop as ecosystem issues persist

On Tuesday, cryptocurrency trade Binance said it accomplished the primary stage of airdropping new Terra Luna (LUNA) tokens to holders of Terra Luna Basic (LUNC), TerraUSD (USTC) and AnchorUST (aUST). 

The distribution was primarily based on “pre-attack” and “post-attack” snapshots of token holders taken at LUNC block top 7,544,910 at 14:59:37 on Could 7, 2022 UTC and block top 7,790,000 at 16:38:08 on Thursday, respectively. As informed by Binance, customers received new LUNA tokens primarily based on the compensation scheme outlined by Terra builders: 

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1. Pre-Assault 1 aUST = 0.01827712143 LUNA
2. Pre-Assault 1 LUNC = 1.034735071 LUNA
3. Publish-Assault 1 USTC = 0.02354800084 LUNA
4. Publish-Assault 1 LUNC = 0.000015307927 LUNA

On the pre-attack time, one aUST had a worth of $1.24 whereas one LUNC was value roughly $75. On the post-attack time, one USTC and one LUNC have been value $0.0632 and $0.0001434, respectively. On the time of publication, every LUNA token is value $9.25. No matter timestamp, roughly 30% of LUNA tokens have been distributed on the spot, whereas the remaining 70% might be distributed month-to-month in a vesting schedule beginning later this yr, in accordance with Terra’s reformation plan. 

Moreover, customers who staked their USTC by way of Binance Staking pre-attack have been additionally eligible for the airdrop. Because it seems, customers’ USTC property have been staked on-chain, with aUST because the yield-bearing token. Binance launched USTC staking solely a month prior and ended this system shortly after the implosion of the Terra Luna Basic ecosystem. 

Associated: Luna Basic pricing error results in Mirror Protocol exploit

Regardless of the profitable airdrop on Binance, it seems that the token distribution didn’t go as easily as anticipated for crypto fans holding Terra property in self-custodial wallets. Terra builders said that some customers acquired much less LUNA than anticipated from the airdrop and are actively engaged on an answer. The identical day, a LUNC pricing error seems to have prompted one other exploit that doubtlessly drained Mirror protocol, which is constructed on Terra, of all its funds.