Terra 2.0 airdrop details and calculation example

Terra will airdrop its new native token, LUNA, to its community based on the passed Proposal 1623. On Genesis Day, May 27, 2022, eligible LUNC, USTC, and aUST holders will receive the LUNA airdrop on the new chain.

Airdrop snapshot time

The amount of LUNA airdrops a user receives will depend on the type of tokens they hold on the Terra Classic chain, the time point when they hold these tokens (based on snapshots before and after the attack), and the number of tokens they hold.

Note: The original Terra is Terra Classic, and the original LUNA is LUNC.

The snapshot block heights and estimated times before and after the attack are as follows:

Table 1: Snapshot time and block height before and after the attack

Airdrop Rules

In the snapshot before the attack, users who meet the following rules can receive LUNA airdrops:

LUNA (including staking derivatives)

Less than 500k aUST (UST deposited in Anchor)

In the snapshot after the attack, the following rules must be met:

LUNA (including staking derivatives)

Holding UST

Table 2: Airdrop qualifications and LUNA release schedule for eligible users

Airdrop distribution time

As shown in Table 2 above, the distribution and release time of the airdrop LUNA depends on the type and quantity of tokens in the wallet, and whether the user holds the relevant tokens before or after the attack.

First airdrop distribution date: Genesis — May 27, 2022

In the Genesis airdrop, 30% of the LUNA airdrop will be immediately distributed to wallet addresses that held less than 10,000 LUNA (including staked derivatives) or deposited UST in Anchor before the attack, as well as addresses that hold any amount of LUNA (including staked) or UST after the attack.

Example

Alice holds LUNA and is an Anchor depositor with the following tokens in her account:

Table 3: Example - Alice

Alice will receive 30% of her airdrop at genesis on May 27. After that, the remaining airdrop will be locked for 6 months (cliff) and then released linearly to the same wallet address within 2 years.

Airdrop LUNA Release Rules

During the Genesis phase, LUNA airdrops that are in a state of continuous release (vesting) will be automatically staked to Terra validators to secure the network. Users will be able to vest LUNA staking rewards through them and can claim these staking rewards at any time. Users can also unstake, re-stake, and stake their LUNA while vesting and staking. This ensures that users can decide which validators stake their LUNA.

After the Genesis airdrop, the next airdrop will be at least 6 months later. After 6 months, airdrops will be distributed to users on a per-block basis. If users want to get tradable LUNA immediately after the 6-month lockup period, they need to cancel the delegation of their staked vested LUNA at least 21 days before the first day of the 6-month cliff. Users can also keep their vested LUNA staked after the cliff to continue to receive staking rewards.

Supported assets, chains, bridges and CEXs

While we intend to airdrop LUNA to as many qualified users as possible, the following assets may not be covered due to technical issues:

UST or LUNA bridged from Terra;

Those UST and LUNA transferred out through the cross-chain bridge need to be transferred back to the Terra chain before the snapshot, otherwise they cannot be recognized.

UST or LUNA in some protocols on Terra may not be recognized;

Assets on all protocols listed on DefiLlama are recognized, but other protocols cannot be guaranteed.

UST or LUNA on CW3 multi-signature contracts

Most UST and LUNA in the CW3 multi-signature contract will be taken into account, but there may be some exceptions that may not be included.

The following table details the full list of chains, bridges, and CEXs that will be supported in the Genesis airdrop:

Table 4: List of chains, bridges and CEXs supported by the Genesis airdrop. This table will be continuously updated.

About Terra 2.0

As the community migrates to the new chain, most Terra Classic projects will join Terra 2.0 , including:

Astroport

Prism

RandomEarth

Spectrum

Nebula et al.

With interoperability in mind, Terra will serve as a gateway to the broader Cosmos ecosystem and beyond.

Calculation method

Note: The airdrop ratios described below are estimates and will only be finalized when the "after the attack" snapshot is reached at block height 7790000 (estimated at 19:59:51 UTC on May 26, 2022). Cross-chain assets, such as Wrapped UST on ETH/MATIC/BSC, will be set aside and locked in the Genesis community pool. Funds can only be distributed after Genesis.

Total amount of eligible UST = Total amount of UST - Total amount of UST in TFL wallet

Total qualified LUNC = Total LUNC - Total LUNC in TFL wallet

Airdrop ratio of LUNC holders before the attack = LUNA allocation / total LUNC before the attack that meets the conditions

LUNA Allocation: 350,000,000

Total LUNC before the attack that meets the conditions: 369,286,757.29

The estimated airdrop ratio is: 0.9477729517

That is, if a user held 1 LUNC in the pre-attack snapshot, they would receive 0.9477729517 LUNA on the new chain.

Airdrop ratio of LUNC holders after the attack = LUNA allocation / total LUNC after the eligible attack occurs

LUNA Allocation: 100,000,000

Estimated total eligible LUNC after the attack: 6,903,710,288,128.99

The estimated airdrop ratio is: 0.00001448496473

That is, if a user holds 1 LUNC in the snapshot after the attack, they will receive approximately 0.0000144781783 LUNA on the new chain.

UST holder airdrop ratio after the attack = LUNA allocation / UST supply after eligible attacks

Total LUNA distribution: 100,000,000

Estimated total UST after eligible attacks: 8,389,006,002.21

The estimated airdrop ratio is: 0.01788054508

That is, if a user holds 1 UST in the snapshot after the attack, he will receive approximately 0.01788054508 LUNA on the new chain.

The LUNA and UST allocated to the end user are calculated as the sum of the following three formulas:

Airdrop ratio of LUNC holdings before the attack x LUNC holdings of the user before the attack

LUNC holders’ airdrop ratio after the attack x LUNC holdings after the attack

UST holders’ airdrop ratio after the attack x UST holdings after the attack

Example

User Assignment Example

User A's allocation = (0.9477729517 x 10) + (0.00001448496473 x 100) + (0.01788054508 x 1000) = 27.36 LUNA